Which of the following facts regarding the statement of financial position wouldnotbe true?

a)It is unnecessary to make any estimates or judgements when preparing a statement of financial position.

b)The statement of financial position reveals how a business is funded.

c)Intangible assets are often missing from the statement of financial position.

d)The statement of financial position separately identifies long-term and short-term assets and liabilities.

For an asset owned for more than one year, the depreciation charge for the year, calculated using the reducing-balance basis at the rate of 35%, would be arrived at as follows:

a)35% x cost of the asset.

b)35% x (cost of the asset - accumulated depreciation).

c)35% x accumulated depreciation.

d)35% x (cost of the asset + accumulated depreciation).