All changes in an entity's economic resources and claims to those resources result from the entity's financial performance.Group of answer choicesTrueFalse

According to the Conceptual Framework, the financial performance of an entity relates to: a. Changes in the entity’s economic resources and claims other than by obtaining additional resources directly from investors and creditors. b. Changes in the entity’s economic resources and claims resulting from issuing debt or equity instruments. c. The entity’s assets and liabilities at the end of the period. d. Changes in the entity’s cash and cash equivalents.

The return on total assets assesses:Group of answer choiceshow efficiently a business has used its economic resourcesthe return for ownersthe mix of debt and equity in a businesshow many assets a business needs to replace

Indicate whether the following statement is true or false: The financial information that ‘general purpose financial statements’ includes information about ‘economic resources and claims against these resources’ as well as ‘changes in economic resources and claims’.

Organisations only have financial/economic impacts.Group of answer choicesTrueFalse

Asset is a resource controlled by an entity.Group of answer choicesTrueFalse