Question Tag: Going Concern Concept

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IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

Question

(a) Explain the following accounting concepts

i. Going Concern concept

ii. Accruals Concept

iii. Prudence Concept

iv. Materiality Concept

v. Substance over form

(10 marks)

(b) Briefly explain the five elements of financial statements.

(10 marks)

[Total: 20 marks]

Answer

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Find Related Questions by Tags, levels, etc.

Tags: Accruals Concept, Assets, Equity, Expenses, Going Concern Concept, Income, Liabilities, Materiality Concept, Prudence Concept, Substance Over Form
Level: Level 1

Topic: Asset Valuation
Series: OCT 2022

IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

Question

(a) Explain the following accounting concepts

i. Going Concern concept

ii. Accruals Concept

iii. Prudence Concept

iv. Materiality Concept

v. Substance over form

(10 marks)

(b) Briefly explain the five elements of financial statements.

(10 marks)

[Total: 20 marks]

Answer

Login or create a free account to see answers

Find Related Questions by Tags, levels, etc.

Tags: Accruals Concept, Assets, Equity, Expenses, Going Concern Concept, Income, Liabilities, Materiality Concept, Prudence Concept, Substance Over Form
Level: Level 1

Topic: Asset Valuation
Series: OCT 2022

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IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

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Question Tag: Going Concern Concept

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IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

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IA – OCT 2022 – L1 – Q2 – Accounting Concepts and Elements of Financial Statements

Explain five specified accounting concepts and the five elements of financial statements.

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