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Question One Financial statements are normally prepared upon the basis of a number of accounting concepts, conventions and assumptions. Required Write short notes on FIVE
Question One
Financial statements are normally prepared upon the basis of a number of accounting concepts, conventions and assumptions.
Required
Write short notes on FIVE of the following accounting concepts, conventions or assumptions.
- Materiality
- Going-concern
- Duality
- Consistency
- Matching
- Full disclosure
- Prudence
Question Two
There are many stakeholders who have an interest in the financial statements of a business organization, other than the existing shareholders.
Required
Give FIVE examples of interested parties (apart from shareholders) and discuss their interest in the financial statement.
Question Three
- What is meant by the money measurement concept?
- Explain the concept of prudence in relation to the recognition of profits and losses.
- Explain the term materiality as it is used in accounting.
- Explain clearly what is meant by historical cost convention.
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