Under IAS 1 Additional Line Items,headings and Subtotals

question 43

Multiple Choice

Under IAS 1 additional line items,headings and subtotals:

• A)are precluded as they provide unnecessary information that may confuse the user.
• B)shall be presented on the face of the statement when such presentation is relevant to an understanding of the entity's financial performance.
• C)shall be presented on the face of the statement when such items can be measured reliably and it is probable these events will occur.
• D)will only be included in the notes to the statement of profit and loss if they are relevant to an understanding of the entity's financial performance.

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Definitions:

Individual

Refers to a single human being as separate from a group, class, or family.

Organization

An entity comprising multiple people, such as an institution or an association, that has a particular purpose.

1099

A series of IRS tax forms used to report various types of income other than wages, salaries, and tips.

IRS Form

A document that is used for reporting and filing information with the Internal Revenue Service (IRS) in the United States.