Which of the following is true about financial statements? I)Financial statement gives a summary of accounts. II) Financial statements can be stated as recorded facts.

Related MCQs

• Which of the following statements are true? I) Financial statements are only interim report. II) Financial statements are also known as annual records. III) Financial statements are historic.
• Whether financial reviews by management, environment reports and value added financial statements are outside the scope of international financial reporting standards (IFRSs)?
• As per IAS 1, Presentation of financial statement, ______ no of items would constitute complete set of financial statements.
• Increase in share capital of a firm in the current year as compared to previous year should be recorded in the final cash flow statement under
• Which of the following accounts can be transferred to capital redemption reserve account?
• Under Ind AS 103, assets and liabilities are recorded at
• Shares received from the new company are recorded at –
• Trade Payables are recorded in………………….
• Unclaimed dividend recorded on the…………………….. the balance sheet.
• Which of the following is not a component of a Statement of Financial Position?