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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › users of financial statements
Hello Sir
Need help please
1-External users of financial statements obtain information regarding the entity on:
A.Regular basis
B.Periodic basis
C.Emergency basis
D.None of the above
2-When there is inflation, the historical cost convention has the effect of:
A.overstating profits and understating balance sheet values.
B.understating cash flow and overstating cash in the balance sheet.
C.understating profits and overstating balance sheet values.
D.overstating cash flow and understating cash in the balance sheet.
3-A separate legal entity concept (for accounting purposes) applies to
.
A.Sole trader ship
B.Partnership
C.Companies
D.All of the above
1 B
2 A
3 C
thanks Sir
You are welcome 🙂