Exam 5: Statement of Financial Position and Statement of Cash Flows

IFRS requires that a complete set of financial statements be presented annually and that for comparative purposes, companies must include three complete sets of financial statements and related notes.

Non-current liabilities include

The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as

Olmsted Company has the following items: share capital-ordinary, $920,000; treasury shares, $85,000; deferred taxes, $100,000 and retained earnings, $363,000.What amount should Olmsted Company report as total equity?

Treasury shares should be reported as a(n)

Preparing the statement of cash flows, using the indirect method, involves all of the following except determining the

Kohler Company owns the following investments: Kohler will report securities in its long-term investments section of

Collection of a loan is reported as an investing activity in the statement of cash flows.

Lohmeyer Corporation reports: What is Lohmeyer's ending cash balance?

Statement of financial position information is useful for all of the following except to

The basis for classifying assets as current or noncurrent is conversion to cash within

One criticism not normally aimed at a statement of financial position prepared using current accounting and reporting standards is

In a statement of cash flows, receipts from sales of property, plant, and equipment and other productive assets should generally be classified as cash inflows from

Using IFRS, which of the following items is matched correctly with its basis of valuation for purposes of reporting on the statement of financial position?

On the statement of financial position the non-controlling interest account is reported as a long-term investment.

During 2015 the DLD Company had a net income of W200,000.In addition, selected accounts showed the following changes: What was the amount of cash provided by operating activities?

Financial flexibility is a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities.

The equity section of an IFRS statement of financial position includes share capital, share premium, and retained earnings in that order.

IFRS requires specific note disclosures on inventories that are disaggregated into classifications such as merchandise, production supplies, work in process, and finished goods.

The statement of financial position