Which of the following statements are true? Please select all that apply.
A) The statement of financial position shows the financially measurable resources (assets) and financially measurable obligations (liabilities) of a business in money terms.
B) Called up share capital is the number of shares issued multiplied by the par value of each share.
C) The IASB defines a liability as "a present obligation of the entity to receive an economic resource as a result of past events."
D) The distinction between non-current and current assets comes down to one of time.

Question

Quizplus · Accepted Answer

A) The statement of financial position indeed shows assets and liabilities in monetary terms.  B) Called up share capital is calculated by multiplying the number of shares issued by the par value.  D) The distinction between non-current and current assets is based on the time frame of their use or conversion to cash.  C) The IASB defines a liability as a present obligation to transfer an economic resource, not to receive one.

Which of the Following Statements Are True? Please Select All