RaviRavi Staff asked 7 months ago

491. Identify as to which of the following option will
be appropriate to the respective statement taking
into consideration the concept of pervasiveness.
Not disclosing the facts which can have material
impact on user understanding of financial
statement.
a) Not confined to specific element.
b) If confined represent a substantive portion in
financial statement.
c) Disclosure which are fundamental to user
understanding.
d) None of the above.
Answer:- c) Disclosure which are fundamental to user understanding.

1 Answers
RaviRavi Staff answered 7 months ago

MCQ revised for better understanding:-
Identify as to which of the following option will be appropriate to the respective statement taking into consideration the concept of pervasiveness.
“Not disclosing the facts which can have material impact on user understanding of financial statement.”
Eg: Material Uncertainty over Going Concern

a)Not confined to specific element.
b)If confined represent a substaintive portion in financial statement.
c)Disclosure which are fundamental to user understanding.
d)None of the above.
Answer:- c)Disclosure which are fundamental to user understanding.

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