Answered: 1. Identify the differences of Full…

Business

Accounting

1. Identify the differences of Full PFRS from SMEs PFRS. Explain

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 10MC: Which of the following is the principle that a business must report any business activities that...

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Question

1. Identify the differences of Full PFRS from SMEs PFRS. Explain 2. Give at least 10 business transaction using full PFRS and SMEs PFRS and identifiable nature of business why you considered them to be using SMEs PFRS? 3. In cases of change in accounting policies on reporting, what would be your steps on the issue? 4. Using Full PFRS instead of SME’s PFRS in a business supposed to used SME’s PFRS was there a material effect on the presentations of financial position and financial operation? How? 5. Explain how many entities at present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group where these reports and statements presented outside financial statements should be accounted for using applicable PFRS?

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