Seeing is believing!
Before you order, simply sign up for a free user account and in seconds you'll be experiencing the best in CFA exam preparation.
Basic Question 0 of 6
Which statement is false regarding the general requirements for financial statements?
B. All material items shall be presented.
C. Assets and liabilities can not be offset.
D. A classified income statement is one of the required financial statements.
A. Dissimilar immaterial items can be aggregated.
B. All material items shall be presented.
C. Assets and liabilities can not be offset.
D. A classified income statement is one of the required financial statements.
User Contributed Comments 3
| User | Comment |
|---|---|
| johntan1979 | How is A correct? Immaterial? I thought measurable and relevant (material) transactions should be recognized. |
| Shaan23 | If they are immaterial they can be grouped together on the Financial statements....it makes no affect to us the users..will NOT affect our decisions... material ones will and need to be seperate |
| jrojasut09 | thanks @Shaan23 |
I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu
Learning Outcome Statements
describe general requirements for financial statements under International Financial Reporting Standards (IFRS);
CFA® 2024 Level I Curriculum, Volume 2, Module 17.