1) Which of the following is NOT a generally practiced method of presenting the income statement?

a. Inlcuding corrections of errors made in a prior period.

b. The single step income statement.

c. the multiple step income statement

d. including gains & losses from discontinued operations.

2) Which of the following is NOT a limitation of the statement of financial position?

a. Many assets are reported at historical cost

b. Judgements and estimates are used.

c. All pertinent information must be disclosed in the notes

d. Amounts must be reliably measured in order to be reported.

3) Current or non-current classification is based on conversion to cash within

a. The operating cycle for one year, whichever is shorter

b. The operating cycle for one year, whichever is longer

c.The accounting cycle for one year, whichever is shorter

d.The accounting cycle for one year, whichever is longer