ZuoTi.Pro
Question
mcq
What the reporting entity should display in the statement of change in net assets: 1- Assets, liabilities and net assets of t
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ANSWER A. ASSETS, LIABILITIES AND NET ASSETS OF THE ENTITY PREPAIRING THE FINANCIAL STATEMENTS AT THE END OF THE FISCAL YEAR.

STATEMENT OF CHANGE IN NET ASSETS SHOWS ASSETS AS WELL AS THE LIAILITIES AND NET ASSETS DURING THE PERIOD.

0 0
Add a comment
Know the answer?
Add Answer to:
mcq What the reporting entity should display in the statement of change in net assets: 1-...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 24. IAS 1 Presentation of Financial Statements normally requires that an entity presents assets and...

    Question 24. IAS 1 Presentation of Financial Statements normally requires that an entity presents assets and liabilities split between those that are current and those that are non-current. Which of the following statements is true when this classification is not provided in the statement of financial position by a reporting entity? The classification must be disclosed in the notes Assets and liabilities should be presented broadly in line with their liquidity Assets and liabilities should be presented in order of...

  • Which of the following does not properly state the reporting requirements when a change in reporting...

    Which of the following does not properly state the reporting requirements when a change in reporting entity occurs? Multiple Choice A. Comparative financial statements for prior years must be restated to reflect the new reporting entity as if it had been inexistence during all the years presented. B. The effect of the change on income before extraordinary items, net income and other comprehensive income must be restated. C. Per share amounts must be disclosed for all periods presented. D. Comparative...

  • ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...

    ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...

  • For a number of years, a private not-for-profit entity has been preparing financial statements that do...

    For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $1,950,000, total liabilities of $310,000, total unrestricted net assets of $820,000, total temporarily restricted net assets of $510,000, and total permanently restricted net assets of $310,000. In addition, total expenses for the year were $920,000 (shown in unrestricted net assets)....

  • For a number of years, a private not-for-profit entity has been preparing financial statements that do...

    For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, total unrestricted net assets of $400,000, total temporarily restricted net assets of $300,000, and total permanently restricted net assets of $100,000. In addition, total expenses for the year were $500,000 (shown in unrestricted net assets)....

  • For a number of years, a private not-for-profit entity has been preparing financial statements that do...

    For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $2,100,000, total liabilities of $340,000, total unrestricted net assets of $880,000, total temporarily restricted net assets of $540,000, and total permanently restricted net assets of $340,000. In addition, total expenses for the year were $980,000 (shown in unrestricted net assets)....

  • The Income Statement shows: . Multiple Choice o the change in owner's equity for a period...

    The Income Statement shows: . Multiple Choice o the change in owner's equity for a period of time. o assets, liabilities and expenses. o the amount of net income or net loss. o the financial position of a business at a given time < Prey 4 of 30 !!! Next >

  • ACC206: Financial Reporting 3.0 1. When bonds are sold at a discount and the effective interest...

    ACC206: Financial Reporting 3.0 1. When bonds are sold at a discount and the effective interest method is used, at each subsequent interest payment date, which of the following is true? a. The cash paid for interest is less than the effective interest expense. b. The cash paid for interest is equal to the effective interest expense. c. The cash paid for interest is more than if the bonds had been sold at a premium. d. The cash paid for...

  • Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities....

    Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1,258.000. Depreciation expense of $148,000 was included with operating expenses in the income statement The following information describes the changes in current assets and liabilities other than cash: Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in salaries payable Increase in income taxes payable $ 160,000 116,000 70,000 38,000 52,000 Required: Prepare...

  • _____ report a company's performance for each period, independent of other periods. a.The statement of cash...

    _____ report a company's performance for each period, independent of other periods. a.The statement of cash flows and the income statement b.The statement of cash flows and the balance sheet c.The income statement and the balance sheet d.The balance sheet and the statement of retained earnings Which of the following is the last of the financial statements to be prepared by a company for any given financial year? a.The statement of stockholders' equity b.The balance sheet c.The statement of cash...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT