Financial Resources Such as Cash and Cash Equivalents Are Intangible

question 53

True/False

Financial resources such as cash and cash equivalents are intangible resources.

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Definitions:

Financial Accounting

The branch of accounting that focuses on the preparation of financial statements for external users.

Extraordinary Gains and Losses

Unusual and infrequent events that significantly affect a company's financial performance, reported separately on the income statement to provide a clearer picture of ongoing operations.

IFRS

International Financial Reporting Standards, a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.