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Conceptual Framework ij ic i ll be 'n assessing the apolicability of the going concern assumption, an entity shall consider information about the future, which shal be at least, but not limited to, twelve months from the end of the reporting period. b. at most twelve months from the end of the reporting period. Cc equal to twelve months from the end of the teporting period. d. atleast twelve months, but at most 24 months from the end of the reporting period. The following aretrue regarding materiality, except a. Materiality is based on professional judgment. The assessment is based on the magnitude or nature of information, but not both. c. The amount that is material to one entity is not necessarily material to another entity. d. Anite is considered material if it has the ability to influence the decision of the users of the financial statements. Introduction to Financial Reporting which Of the following incorrectly describes the manner the users process the information provided by the general-purpose financial reporting? —— Employees are primarily concerned on whether their Investors are primarily concerned on the entity's abili Lenders are primarily concerned on the entity's abili d. Suppliers are primarily concerned with its existin: decision-making regarding operations. employer entity is complying with the relevant legal requirements. iy of the entity to provide a certain level of returns to their investments. ty to pay-off the amounts it previously borrowed, ig business relationship with the entity in to be used in their internal c. Which of the following statements regarding general-purpose financial reporting is not correct? Different individual users have difference, and possibly conflicting, information needs and desires. The management of an entity is not required to rely internal reports, a. b. on general-purpose financial reports since it has an access to detailed @ An entity is not allowed to include information in its general-purpose financial rej d. ports that will benefit only a particular group of users, General-purpose financial reporting exists since the users of the financial rey Ports cannot require reporting entities to provide information directly to thern, Statement of Financial Position i year 2023, an entity has_breached the loan covenants of the following loans: ton hit maturity date of October 1, 2026, where the lender gave the entity grace period on December 20, 2023. Loan 2; Had maturity date of December 31, 2027, where the lender gave the entir grace period on January 10, 2024. Which of these loans are considered noncurrent as of December 31, 20237 Loan 1 only Loan 2 only c. Both Loan 1 and Loan 2 d. Neither Loan 1 nor Loan 
