Question: please answer all the questions immediately thankyou 10. Proper application of accounting principles is most dependent upon * (1 Point) Oversight of regulatory bodies Professional





please answer all the questions immediately thankyou
10. Proper application of accounting principles is most dependent upon * (1 Point) Oversight of regulatory bodies Professional judgement of the accountant Existence of specific guides External audit function 11.Statement 1 - General purpose financial statements help the primary users in estimating the value of the entity Statement 2 -Cause and effect association of expense recognition is illustrated when an entity records an advertising expense immediately * (1 Point) True: True 0 True False False: False False True 12. Statement 1 - In case of a conflict, the conceptual framework will prevail since it is the guide in developing IFRSS Statement 2 - The focus of the Financial Capital concept is the monetary amount invested by shareholders to the net assets of the entity* in (1 Point) True: True True: False False: False no False; True 13. Statement 1 - The primary purpose of statement of cash flow is to provide relevant information about the company's cash receipts and disbursements Statement 2-The acquisition of asset by issuing share capital shall be excluded from the statement of cash flows * (1 Point) True: True True: False False; False False; True 14. The providers of funds or capital * (1 Point) Have interest on the continuance of the enterprise Are interested in the information that enables them to monitor the regulatory compliance of the entity with the legal authority Are concemed with the inherent risk and returns and the information to determine whether to buy or hold their investments, Are interested in the information that enables them to assess the ability of the firm to pay renumerations and benefits
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
