Transactions are stated at the value at which they occurred and are not adjusted at the end. Which accounting principle is described by this statement?

Information may become less useful if there is a delay in reporting it. Which qualitative characteristic of financial information is described by this statement?

Which fundamental accounting principle does this reflect?

According to the Conceptual Framework, which of the following are fundamental characteristics of financial information?

A number of users would broadly agree that faithful representation has been achieved. Which qualitative characteristic of financial information is described by this statement?

A business applies the same depreciation policy to all of its computers. Which accounting principle does this treatment follow?

The accounting concept which dictates that non-current assets should be valued at cost less accumulated depreciation, rather than at their enforced saleable value, is:

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?

Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above?

Which of the following statements defines the business entity concept?

Which ONE of the following statements describes faithful representation, a qualitative characteristic of financial information?

The IASB's Conceptual Framework for Financial Reporting gives four enhancing qualitative characteristics. What are these four characteristics?

Which one of the following statements is correct?

Which of the following statements best explains the principle of faithful representation in relation preparation of the annual financial statements?

Listed below are some comments on accounting concepts:

1. In achieving a between concepts, the most important consideration is satisfying as far as possible the economic decision-making needs for users.

2. Materiality means that only items having a physical existence maybe recognised as assets.

3. Provisions are estimates and therefore can be altered to make financial results of a business more attractive to investors.

Which, if any, of these comments is correct, according to the IASB's Conceptual Framework for Financial Reporting?

Which of the following is not a qualitative characteristic of financial information?

A business depreciates some of its laptops over a useful life of three years and some of them over a useful life of five years.

What accounting principle is not being applied in this scenario?

By charging depreciation, a business aims to ensure that the cost of non-current assets is spread over the accounting periods which benefit from their use.

Which accounting principle does this relate to?

Which, if any, of the following statements about accounting concepts and the characteristics of financial information are correct?

1 The concept of accruals requires transactions to be reflected in the financial statements once the cash or its equivalent is received or paid.

2 Information is not material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.

3 It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand

The IASB's Conceptual Framework for Financial Reporting gives four enhancing qualitative characteristics. What are these four characteristics?