70.2K

Verified Solution

Link Copied!

4 BUSI1093-E1 8. A small business started its financial year with an opening accrual of 240 for electricity. During the year, it received and recorded electricity invoices amounting to 1,440, not including an invoice for 300 in electricity received after the year end but relating to the current year. How much electricity is chargeable to the statement of profit or loss for the year? (a) (b) (C) (d) 1,440 1,740 1,200 1,500 9. Which of the following does not form part of the owners' equity? (a) (b) (C) (d) Bank loan Capital reserves Retained earnings Ordinary share capital 10. Which of the following should be included in a complete set of financial statements as required by IAS 1? I. II. III. IV. v. A statement of financial position as at the end of the period A statement of profit or loss and other comprehensive income for the period A statement of cash flows for the period A statement of changes in equity for the period Notes, comprising a summary of significant accounting policies and explanatory information (a) (b) (c) (d) I, II, III only I, II, IV only I, II, V only All of the above 11. In accordance with IFRS, companies are required to publish financial statements that show of the company's affairs (a) (b) (C) (d) An accurate view A Right presentation A Fair (faithful) representation A Correct view

Answer & Explanation Solved by verified expert

See Answer