BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ORIGINATING STATEMENT OF FINANCIAL POSITION
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CLOSING STATEMENT OF FINANCIAL POSITION
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OPENING STATEMENT OF FINANCIAL POSITION
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PROVISIONAL STATEMENT OF FINANCIAL POSITION
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Detailed explanation-1: -The PFRS for SMEs were adopted on 13 October 2009 by the Philippine Financial Reporting Standards Council from the International Financial Reporting Standards (IFRS) for Small and Medium Entities issued by the International Accounting Standards Board.
Detailed explanation-2: -If an SME uses the PFRS for SMEs in a current year breaches the floor and ceiling size criteria at the end of the current year, the entity shall be required to transition to full PFRS in the next year. This transition must be made provided the event that caused the change is considered “significant and continuing".
Detailed explanation-3: -Profit and loss account is prepared to ascertain the financial result of a business operation over a given period of time and balance sheet shows the financial position of a business at a particular date.