1 Question [ (1 Point) These include not only the basic financial statements but also non-financial information such as description of major products, future projects, plant expansion and even environmental reports. a. Accounting Policies b. Financial reports C. Audit reports d. Notes to Financial Statements e. Answer not given Enter your answer2 Question (1 Point) The overall principles of statement presentation do not include a. The financial statements should present fairly the financial position. performance and cash flows of the entity. b. Fair presentation requires the faithful representation of the effects of transactions and other events and conditions in accordance with the definitions and recognition criteria for accounting elements set out in this Framework . An entity should prepare its financial statements in accordance with either the cash basis or the accrual basis of accounting. d. Financial statements should be prepared annually. Enter your answer3 Question (1 Point) It is the presentation and classification of financial statement items on a uniform basis from one accounting period to the next a. Comparable information b. Consistency of presentation C. Aggregation d. Accrual Basis e. Answer not given Enter your answerQuestion '[1 Point} Technically. ortsetting in financial statements is accomplished when a. Gains or losses from disposal of non-current assets are reported by deducting from the proceeds the carrying amount of the assets and the related selling expenses. o. The accumulated depreciation is deducted from property. plant and equipment. c. The allowance for bad debts is deducted from accounts receivable. d. The total liabilities are deducted from total assets to arrive at net assets | Enter your answer | 5 Question * [ (1 Point ) These are a structured financial representation of the financial position of and the transactions undertaken by entity a. books of accounts b. financial statements . working papers d. business documents e. answer not given Enter your answer6 Question (1 Point) A complete set of financial statements must include a. Adequate disclosure of accounting policies b. An auditor's opinion C. Net present value of expected future cash flows d. A ten-year summary of operations e. Answer not given Enter your