MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Business Studies

Concept of Business

In accordance...

Question

In accordance with IAS 1 Presentation of Financial Statements, which one of the following items must not be separately presented in the statement of financial position?

A

Net Assets

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Non financial Assets

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Asset revaluation surplus

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Issued capital and reserves

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is D Issued capital and reserves
In accordance with IAS 1 Presentation of financial statements, Issued share capital and reserves are not to be separately presented in the statement of financial position.

Suggest Corrections

thumbs-up

0

Similar questions

Q. In accordance with IAS 1 Presentation of Financial Statements, which one of the following statements is correct?

Q. Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organisations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
From the above statement identify any two values that a company should observe while preparing its financial statements. Also, state under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013.
(I) Capital Reserve
(ii) Calls-in-Advance
(iii) Loose Tools
(iv) Bank Overdraft

Comparative financial statements present financial data for several years side by side. Data may be presented in the form of ___

Q. Which of the following items would not form part of the shareholder's equity of a company on the statement of financial position?

Q. Which of the following items would not form part of the shareholders' equity of a company on the statement of financial position?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction to Business

BUSINESS STUDIES

Watch in App

explore_more_icon

Explore more

Concept of Business

Standard XI Business Studies

Join BYJU'S Learning Program

CrossIcon