Ask AI on The Internet
Question: QUESTION 3 FILL IN THE MISSING WORDS (20 MARKS) 3.1 A company name that ends in ‘SOC Ltd’ iS______________ 3.2 A company that ends with ‘Ltd’ is_______________ 3.3 A reporting period is normally ____________ months long 3.4 For something to be neutral it must be without__________ 3.5 The underlying assumption when using a set of financial statements is _______ 3.6 Assets, liability and equity depicts ____________ 3.7 When we recognise an element, it means processing a _________ 3.8 Before recognising an asset or liability, it must meet the relevant_______ and ____________ 3.9 The statement of comprehensive income provides information about the entity’s financial___________ 3.10 The objective of ___________ is to prescribe the basis for presentation of general purpose financial statements.
3.1 A company name that ends in ‘SOC Ltd’ is _State Owned Company_. 3.2 A company that ends with ‘Ltd’ is _Limited_. 3.3 A reporting period is normally _twelve (12)_ months long. 3.4 For something to be neutral it must be without _bias_. 3.5 The underlying assumption when using a set of financial statements is _going concern_. 3.6 Assets, liability and equity depict _financial position_. 3.7 When we recognize an element, it means processing a _transaction_. 3.8 Before recognizing an asset or liability, it must meet the relevant _definition_ and _recognition criteria_. 3.9 The statement of comprehensive income provides information about the entity's financial _performance_. 3.10 The objective of _financial reporting framework_ is to prescribe the basis for presentation of general purpose financial statements.
A new large language model has been made available since this question was asked.
To generate an updated answer from the new model, click the button below.
Think your answer is better than the AI's? Post it below.
Question Tags
If you want your question answered by an AI, click here.
Post your own comment: