Which of the Following Statements Is Correct with Respect to Set-Off

Multiple Choice

Which of the following statements is correct with respect to set-off of assets and liabilities?

A) If a right of set-off exists, an entity shall disclose the net amount of the financial assets and the financial liability in the notes to the accounts.
B) If a right of set-off exists, an entity shall disclose the net amount of the financial assets and the financial liability in income statement.
C) If a right of set-off exists, an entity shall present the net amount of the financial assets and the financial liability in the statement of financial position.
D) If a right of set-off exists, an entity shall present the net amount of the financial assets and the financial liability in income statement.
E) None of the given answers.