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users of financial statements

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › users of financial statements

  • This topic has 3 replies, 2 voices, and was last updated 11 years ago by AvatarJohn Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • August 4, 2014 at 4:20 am #180659
    Avatarjosy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    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

    August 4, 2014 at 7:12 am #180667
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54839
    • ☆☆☆☆☆

    1 B

    2 A

    3 C

    August 4, 2014 at 10:33 am #180691
    Avatarjosy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    thanks Sir

    August 4, 2014 at 11:20 am #180732
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54839
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
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