QUESTION 7

(12 MARKS IN TOTAL)

In your own words in the space provided, please answer the following four Questions.

Discuss briefly, three internal control procedures a Company may implement to ensure that good cash management practices are followed on a regular basis. (3 marks)

Briefly explain, three qualitative characteristics contained within the Conceptual Framework that are used for the selection and presentation of accounting information in general purpose financial reports. (3 marks)

As part of the measurement process in Accounting, describe three different ways the Directors of a Company may value the Assets or Liabilities that are contained in the Balance Sheet of the firm. (3 marks)

With the use of examples, explain how the accounting treatment of recording Contingent Liabilities differs to that of Intangible Assets in the financial statements. (3 marks)