Accounting Information – NBC Institute

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

Question

In preparing a set of final accounts from incomplete records, which of the following information need NOT be considered?

A. Business structure
B. Accounting and business equations
C. Credit sales and trade receivables
D. Purchases, inventory, and the cost of sales
E. Stolen goods, goods destroyed, or goods taken by the owner of the business

Answer

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Tags: Accounting Information, Final Accounts, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

Question

Which of the following is NOT an external user of accounting information?

A. Customer
B. Manager
C. Competitor
D. Government
E. Supplier

Answer

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Tags: Accounting Information, External Users, Stakeholders
Level: Level 1

Topic: Users of Accounting Information and Their Needs
Series: NOV 2014

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

Question

The following are attributes of good accounting information EXCEPT:

A. Reliability
B. Consistency
C. Stability
D. Verifiability
E. Faithful representation

Answer

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Tags: Accounting Information, Consistency, Financial Reporting, Qualitative Characteristics, Reliability
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: NOV 2014

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

Question

Which of the following provides the origin of accounting information?
A. Accounting books
B. Source documents
C. Ledger
D. Cash book
E. Subsidiary book

Answer

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Tags: Accounting Information, Source Documents
Level: Level 1

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

Question

Explain each of the following characteristics of useful accounting information:
i) Relevance (2 marks)
ii) Understandability (2 marks)
iii) Materiality (2 marks)
iv) Completeness (2 marks)
v) Neutrality (2 marks)

Answer

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Tags: Accounting Information, Completeness, Materiality, Neutrality, Qualitative Characteristics, Relevance, Understandability
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: NOV 2023

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

Question

(a) Identify any FOUR users of financial statements and explain their needs for accounting information. (8 marks)
(b) The conceptual framework of accounting recognizes qualitative characteristics of financial information that is useful for decision-making.

Required:
Identify and explain FOUR qualitative characteristics of financial information recognized by the conceptual framework. (12 marks)

Answer

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Tags: Accounting Information, Financial Statement Analysis, Qualitative Characteristics, Users' Needs
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: MAY 2016

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

Question

In preparing a set of final accounts from incomplete records, which of the following information need NOT be considered?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Final Accounts, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

Question

Which of the following is NOT an external user of accounting information?

A. Customer
B. Manager
C. Competitor
D. Government
E. Supplier

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, External Users, Stakeholders
Level: Level 1

Topic: Users of Accounting Information and Their Needs
Series: NOV 2014

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

Question

The following are attributes of good accounting information EXCEPT:

A. Reliability
B. Consistency
C. Stability
D. Verifiability
E. Faithful representation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Consistency, Financial Reporting, Qualitative Characteristics, Reliability
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: NOV 2014

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

Question

Which of the following provides the origin of accounting information?
A. Accounting books
B. Source documents
C. Ledger
D. Cash book
E. Subsidiary book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Source Documents
Level: Level 1

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Completeness, Materiality, Neutrality, Qualitative Characteristics, Relevance, Understandability
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: NOV 2023

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

Question

Required:
Identify and explain FOUR qualitative characteristics of financial information recognized by the conceptual framework. (12 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Financial Statement Analysis, Qualitative Characteristics, Users' Needs
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: MAY 2016

Question Tag: Accounting Information

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FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

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FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

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FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

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FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information"

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

You're reporting an error for "FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework"

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

You're reporting an error for "FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework"

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records"

FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs

Identifying who is not an external user of accounting information.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Q3 – Users of Accounting Information and Their Needs"

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information"

FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the origin of accounting information in financial records

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q12 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

You're reporting an error for "FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework"

FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework

Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.

You're reporting an error for "FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework"

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