TRUE or FALSE

1. An entity showing expenses in the income statement (or profit or loss) according to function should present information in the notes to the financial statements presenting the details of the expenses based on nature.

2. Interest expense should be presented separately as a line item on the face of the statement of comprehensive income.

3. Losses that arise from incidental transactions of the entity are shown in profit or loss under other operating expenses.

4. Gains realized from incidental transactions of the entity are shown in profit or loss under operating income.

5. Cash flow activities that are related to determination of income are presented under the operating activities section.

6. PAS 1 requires the disclosure of comparative information for a period of at least three years.

7. Cash transactions affecting non-current assets are presented under financing activities.