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

question 37

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.

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Definitions:

Wheelchair

A chair mounted on wheels for people who are unable to walk or have difficulty walking.

Ergonomics

The applied science of being concerned with the nature and characteristics of people as they relate to design and activities with the intention of producing more effective results and greater safety.

Body Mechanics

Principles of posture and movement that are used to prevent injury during physical activity or the handling of heavy objects.

Mobility

The ability to move or be moved freely and easily, often referring to the physical capacity for movement.