1. Under IAS 1, a liability is classified as non-current liability if it satisfies any of the following criteria: A) The liability is deferred taxes. B) The debtor of the liability has an unconditional right to defer payment for more than 12 months (the normal operating cycle of the debtor is 12 months). C) The liability is held primarily for the purpose of being traded. D) The liability is expected to be sertled in the normal operating cycle. 2. Which of the following statements is/are CORRECT? A) The non-controlling interests shall be presented within equity on the statement of financial position. B) A general rule of LAS 1 is that revenue and expense items are offset unless certain criteria are met. C) Allocating costs to functions may require arbitrary allocations and may involve a high level of judgement. D) Entities, which classify expenses by function, are required to disclose additional information on the nature of expenses. 3. Which of the following statements about the Notes under IAS 1 is/are CORRECT? A) The Notes present information about the basis of preparation of the financial statements and about the specific accounting policies selected. B) The Notes are not an integral part of a company's financial statements. C) The Notes present information about the financial situation of a company and show potential investment opportunities including future cash flows. D) The Notes include information about sources of estimation uncertainty and about assumptions made in preparing a company's financial statements