CFA Practice Question

There are 86 practice questions for this study session.

CFA Practice Question

Which statement is false regarding the general requirements for 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.
Correct Answer: D

The balance sheet, not the income statement, needs to be classified.

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
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