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What the appropriate treatment regarding the event is

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Reference no: EM132937137

Problem 1. Which of the following is not included in a complete set of financial statements?

a A statement of changes in equity for the period

b A statement of cash flows for the period

c A statement of financial position for the period

d Notes, comprising a summary of significant accounting policies and other explanatory information

Problem 2. Suma Lele Ltd has discovered that the estimated useful life of a material depreciable asset was incorrect due to a change in the way the asset was being used. The correct accounting treatment of this event is to:

a disclose the change in the notes to the financial statements.

b treat it as an error and adjust retrospectively

c treat it as a change in an accounting estimate and adjust prospectively.

d treat it as a change in an accounting estimate and adjust retrospectively

Problem 3. ATS workers went on strike for an indefinite period commencing on 5 August 2019. The strike was expected to cause adverse financial conditions for the company. The financial statements for the year ended 30 June 2019 were expected to be finalized by 7 August 2019. The appropriate treatment regarding this event is:

a disclosure as a note to the financial statements, as it is a non-adjusting event.

b disclosure as a note to the financial statements, as it is an adjusting event.

c to adjust the financial statements, as it is a non-adjusting event.

d to adjust the financial statements, as it is an adjusting event

Reference no: EM132937137

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