Although Various Types of Financial Statements Related to Cash Flows

question 23

Multiple Choice

Although various types of financial statements related to cash flows began appearing in the early 20^th century,what year introduced the first accounting standard related to this issue?

• A) 1971
• B) 1972
• C) 1960
• D) 1963

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Definitions:

Carrying Amount

Carrying amount, also known as book value, is the value of an asset as recorded in a company's books or financial statements, after accounting for depreciation and impairment losses.

Gain on Disposal

The profit earned from the sale of an asset, calculated as the sale proceeds minus the book value of the asset sold.

Trademark

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Patent

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