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These users need information on trends and recent

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32.These users need information on trends and recent developments where an entity makes a substantialcontribution to the local economy providing employment and using local suppliers.a.The publicb.Governments and their agenciesc.Employeesd.Customer
33.The existing and potential investorsI.Are interested in information which enables them to assess the ability of the entity to pay dividends.II.Need information to help them determine whether they should buy or sell.
34.These users are interested in information about the continuance of an entity, especially when they have along-term involvement with or are dependent on the entity.
35.Which of the following statements in relation to information needs is true?I.Information that meets the needs of specified primary users is likely to meet the needs of other users,such as employees, customers, governments and their agencies, and the public.II.The management is also interested in financial information but it need not rely on general purposefinancial reports because it can access additional information internally.
36.What is the objection of financial reporting?a.To provide the information about the financial position, financial performance and changes in financialposition of an entity.b.To prepare and present a statement of financial position, an income statement, statement ofcomprehensive income, a statement of cash flows and a statement of changes in equity.c.To provide financial information about an entity that is useful to existing and potential investors,lenders and other creditors in making decision about providing resources to the entityd.To prepare financial statements in accordance with all applicable standards and interpretations.

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Term
Fall
Professor
N/A
Tags
Balance Sheet, International Financial Reporting Standards, Financial Reporting Standards Council, Financial Reporting Standard Council

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