Question: please answer all the questions immediately thankyou 5. Statement 1 - Once a condition or covenant attached to a liability is breached the liability is





please answer all the questions immediately thankyou
5. Statement 1 - Once a condition or covenant attached to a liability is breached the liability is generally shall be classified as current Statement 2 Intangible assets exclude goodwill but includes patent since the former is unidentifiable* on (1 Point) True; True True; False False; False False; True 6. An entity should prepare a statement of cash flows and should present it as * (1 Point) Integral part of the entity's financial statements Notes to financial statement Supplementary in the face of financial statements Support schedule of the cash line item in the balance sheet 7. Statement 1 - Conservatism concept states that an accounting transaction shall be supported by sufficient evidence to allow two or more qualified individuals to arrive at essential similar conclusion Statement 2- An economic resource is said to produce economic benefit if the entity is entitled to exchange an economic resource with another entity on a favorable term * (1 Point) True: True True False False False False: True 8. Statement 1 - The three main areas of practice of Certifies Public Accountants excludes Private accounting since they render service only on their employers Statement 2 - The Banko Sentral ng Pilipinas has one representative on the Financial Reporting Standards Council * (1 Point) True: True True: False False: False False: True 9. Operating activities are (1 Point) A principal revenue-producing activity that enters the computation of net income or net loss The acquisition of long-term assets and other investments Activities that result to changes in the changes in size and computation of equity and borrowings Cash flow arising from the sale of inventory only
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
