Mr and Mrs K Urban are partners in Urban Plc,a music shop with sales revenue of €5 000 000 per annum,total assets of €10 000 000 and employees totalling 15.Urban Plc is:
A) a reporting entity because there are at least two users of a financial report.
B) not likely to be a reporting entity because it is unlikely to have users dependent on its financial reports.
C) likely to be a reporting entity because there are two shareholders and it is an exempt proprietary entity.
D) not a reporting entity because small proprietary companies are frequently not considered reporting entities.
Correct Answer:
Verified
Q23: When a standard restricts the number of
Q26: The IASB Conceptual Framework for Financial Reporting
Q27: Which of the following statement(s)is/are true of
Q29: The accountant of Broken Bay Plc decided
Q29: Which of the following statement(s)is/are true of
Q31: The audit of the financial reports of
Q32: Which of the following statement(s)is/are true of
Q34: Which of the following actions are consistent
Q36: Which of the following are considered in
Q37: When preparing financial reports 'users are assumed
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents