F2- M1 - Notes to Financial Statements

Question 1

The __________ reflects the methods and policies employed by the firm.

Answer 1

The Summary of Significant Accounting Policies

Question 2

The other notes are used to disclose facts not presented in either the _________ or in the ____________.

Answer 2

body of the financial statements or in the Summary of Significant Accounting Policies.

Question 3

The Summary of Significant Accounting Policies usually is _____ or ______ foot note

Answer 3

1st or 2nd

Question 4

The Summary of Significant Accounting Policies includes (3)

Answer 4

1) Measurement basis, 2) specific account principles and methods used 3) Criteria for which investments are cash equivalents

Question 5

Footnotes should also disclosure under GAPP

Answer 5

Riska nd Uncertainties

Question 6

U.S. GAAP requires the disclosure of risks and uncertainties existing at the date(s) of the financial statements in the following areas:

Answer 6

nature of operations, use of estimates in the preparation of financial statements, certain significant estimates, and current vulnerability due to certain concentrations.

Question 7

IFRS requires an _______and _____ statement of compliance with IFRS in the notes to the financial statements

Answer 7

explicit and unreserved statement

Question 8

An entity cannot describe financial statements as complying with IFRSs unless they comply with _________.

Answer 8

All IFRS requirements.

Question 9

U.S. GAAP requires the disclosure of ______ and ______ existing at the date(s) of the financial statements

Answer 9

risks and uncertainties