Reference no: EM132817110

Problem 1. General purpose financial statements are

a. those statements that cater to the common and specific needs of a wide range of external users

b. those statements that cater to the common needs of a wide range of external users and internal users

c. those statements that cater recommend needs of a limited range of external users

d. no do statements that cater to the common needs of a wide range of external users

Problem 2. which of the following is classified as an equity instrument rather than a financial liability?

a. Preference shares that are mandatorily redeemable

b. a contract that is settled by the delivery of a variable number of the entity's own equity instruments in exchange for a fixed amount of cash or another financial asset

c. a contract that is settled by the delivery of a fixed number of the entity's own equity instruments in exchange for a variable amount of cash or another financial asset

d. shares issued but were subsequently are acquired