Accounting Multiple Choice Question – 14 January 2024

According to lAS 1 Presentation of Financial Statements, compliance with International Accounting Standards and International Financial Reporting Standards will normally ensure that?

Select ONE answer:

1. The entity’s inventory is valued at net realisable value
2. The entity’s assets are valued at their break-up value
3. The entity’s financial statements are prepared on the assumption that it is a going concern
4. The entity’s financial position, financial performance and cash flows are presented fairly

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 4

1. Not correct
2. Not correct
3. Not correct
4. Correct

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