027. Which of the following statements is NOT true? O It is management's responsibility to ensure the accuracy of financial statements O Expenses represent the monetary value of resources an entity uses up. or consumes, to earn revenues during the period Deferred revenues are revenues recorded in the non-operating section of the statement of earnings Intentional misreporting of financial statements is both unethical and illegal Q28. Which financial statement reports the primary measure of performance of a business during an accounting period? Statement of Earnings Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Q29. Which of the following statements is NOT true? Retained earnings can have a negative balance at a given reporting date To declare dividends, a company requires the approval of its board of directors O Public Canadian corporations are required to report their financial statements under International Financial Reporting Standards (IFRS) O Private Canadian corporations are not permitted to report their financial statements under International Financial Reporting Standards (IFRS)