Question 1 The IASB's Conceptual Framework for Financial Reporting identifies characteristics which make financial information faithfully represent what it purports to represent. Which of the following are examples of those characteristies? (1) Accruals (2) Completeness (3) Going concern (4) Neutrality Answer: A. 1 and 2 B. 2 and 4 C. 2 and 3 D. 1 and 4 Question 2 A company's motor vehicles cost account at 30 June 20x6 is as follows: Balance b/f Additions Motor Vehicles - Cost 35,800 Disposals 12.950 Balance c/f 48.750 f 12.000 36.750 48,750 What opening balance should be included in the following period's trial balance for Motor vehicles - cost at 1 July 20X6? C 36.750 CF D 48,750 Cr A 36,750 Dr B 48.750 Dr