When after the end of the reporting period an event occurs that is ind – McqOptions

MCQOPTIONS

1.	When after the end of the reporting period an event occurs that is indicative of conditions that arose after the end of the reporting period:
A.	The entity discloses the nature and effect of the event in the financial statements.
B.	The entity adjusts the related amounts recognised in the financial statements.
C.	Both of the above statements are true.
D.	None of the above
Answer» B. The entity adjusts the related amounts recognised in the financial statements.

Discussion

No Comment Found

Related MCQs

..is the process of determining the monetary amounts at which the elements of financial statements are recognized and carried in the financial statements.
Which method depreciation is most appropriate for the entity to compute depreciation for the significant parts of the aircraft?
A property developer must classify properties that it hold for sale in the ordinary course of business as
Adjustment of the carrying amount of an asset or liability or the consumption of an asset is defined as,
The process of converting foreign subsidiary financial statement into the home currency is known as
Present value of expected future cash flows generated by an asset, plus its expected disposal value is called.
When the recoverable amount of an asset is less than its carrying value in the statement of financial position, the asset is said to be
At the point of harvest an entity measures fruits (agricultural produce) that it picks from its orchards (biological assets):
.is the amount of income taxes payable on the taxable profit for a period, in accordance with rules established by the tax authorities
Total borrowings used for construction of an office building are Rs.30, 00000. Entity issued 8% debentures worth 10,00000 for this purpose and balance amount was utilized from its common pool including 10% bank loan of Rs.1000000 and 9.5% bank loan of Rs.1000000. What is the amount of borrowing cost to be capitalized?