The notes to the accounts can be used for the following, except for: a. Explaining the accounting
Question:
The notes to the accounts can be used for the following, except for:
a. Explaining the accounting policies used.
b. Providing additional breakdown of line items on the face of fi nancial statements.
c. Providing disclosures of items not shown on the face of fi nancial statements.
d. Explaining why a certain accounting standard was not followed.Q4-37 An entity’s equity may decrease during a fi nancial period because:
a. There was a new share issuance.
b. Total comprehensive income was higher than net profit.
c. Prior-period errors resulted from overstatement of the previous year’s profits.
d. Other comprehensive income was lower than net profit.
Step by Step Answer:
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy