A voluntary change in accounting principle is accounted forby: a cumulative effect on income in the

A voluntary change in accounting principle is accounted forby:
a cumulative effect on income in the year of the change.
a retrospective reporting of all comparative financial statementsshown.
a prior period adjustment.
a separate line component of income.

Cash flows from investing activities do not include:
proceeds from issuing bonds.
payment for the purchase of equipment.
proceeds from the sale of marketable securities.
cash outflows from acquiring land.

Comprehensive income is the change in equity from:
owner transactions.
non-owner transactions.
owner or non-owner transactions.
capital transactions.

Expenses in an income statement prepared under InternationalFinancial Reporting Standards:
must be classified by function.
must be classified by natural description.
can be classified either by function or by natural description.
none of the above is correct.

Current assets include cash and all other assets expected to becomecash or be consumed:
within one year.
within one operating cycle.
within one year or one operating cycle, whichever is shorter.
within one year or one operating cycle, whichever is longer.

External decision makers would not look primarily to financialaccounting information to assist them in making decisions on:
capital budgeting.
departmental budgeting.
selecting stocks.
mergers and acquisitions.

 

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