Caroline, Inc

question 11

Multiple Choice

Caroline, Inc.hired a new controller in late 2015.The controller has not prepared financial statements using IFRS before and needs your assistance.In compiling a complete set of financial statements under IFRS, which of the following components must be included?

• A)A statement of financial position at the end of the period.
• B)Notes, including a summary of significant accounting policies.
• C)A statement of comprehensive income for the period.
• D)All of these choices are correct.

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Definitions:

Benefit The Company

Actions or strategies that enhance the performance, profitability, or competitive advantage of a company.

Cost of Equipment

The original value of equipment, including purchase price and any other expenses required to get the equipment ready for its intended use.

Expensed

Expensed is the recognition of a cost as an expense on the income statement in the period in which it is incurred, rather than capitalizing it as part of an asset.

Units-of-production Method

a depreciation technique that allocates the cost of an asset over its useful life based on the number of units it produces.