IAS 1 Presentation of Financial Statements 1) True or false? An inappropriate accounting treatment is rectified if it is explained in the notes. 2) State management's responsibility in relation to going concern. 3) True or false? Reporting trade receivables net of allowances for doubtful debts is not offsetting. 4) List FIVE items of information prominently displayed in financial statements 5) State when an asset is classified as current. 6) List TEN line items required in a statement of financial position. 7) State the financial statement in which dividends are recognised and why 8) List the classifications of expenses under the nature of expenditure method. 9) List FIVE items which give rise to changes in equity. 10) State why there is a normal order for notes. 11) List TWO matters to be described in respect of accounting policies. 12) Define the following accounting concepts noted under IAS 1 and explain their implications for the preparation of financial statements: a) Separate entity b) Going concern c) Materiality d) Accruals basis e) Historical concept 13) Comparability is a characteristic which adds usefulness to the financial statements a) Explain what is meant by the term "comparability" b) State TWO (2) types of comparisons that users of financial statements may make c) Briefly explain why requiring accounting standards aids the comparability of financial statements