hello, please choose the right answer ASAP (only one is correct)

1.The entity Beta is listed on Warsaw Stock Exchange (WSE is regulated market). The Beta is a production company. The Beta creates a group, so it is mandatory for it to use IFRS for:

a.its group (consolidated) financial statements

b.its separate financial statements

c.The Alfa is not obligated to use IFRS, as it is not a bank.

d.both separate and group consolidated statements

Which of following companies is (are) obligated to prepare consolidated financial statemant:

a.a company Alfa having subsidiaries

b.all companies given

c.none of given companies.

d.a company Delta having joint-ventures

e.a company Beta having associates

Consider, which of given statements is correct under IFRS. Please read all answers carefully.

None of the statements is correct.

b.A tax authority (revenue office) uses financial statements of the company to evaluate (among others) its tax obligations. Because of that, the financial statements should reflect revenues and expenses in with tax law.

c.A creditor (e.g. bank) uses financial statements of the company to evaluate (among others) its financial position. Because of that, the financial statements should reflect the information needed for such evaluation.

d.All of statements are correct.

e.Potential employees use financial statements to evaluate the future employee benefits. Because of that, financial statements must present information useful for such evaluation.

Under IFRS revaluation reserve

should never be negative (in all possible situations)

b.none of given

c.could be negative por intangible assets

d.should be always positive (or equal to 0) for items of property, plant and equipment,

Point correct answer. Output VAT:

is refundable from the state by the seller

b.none of given

c.increases the price paid by consumer

d.have no impact on the amount paid by client