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FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

Question

Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement:

i. Going concern (2 Marks)
ii. Consistency of presentation (2 Marks)
iii. Accrual (2 Marks)
iv. Fair presentation (2 Marks)
v. Substance over form (2 Marks)
vi. Prudence (2 Marks)
vii. Materiality (2 Marks)

Answer

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Tags: Accrual, Consistency, Fair Presentation, Going Concern, Materiality, Prudence, Substance Over Form
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2021

FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

Question

Which of the following bases is used in preparation of financial statements?
A. Break up basis
B. Cash basis
C. Accrual basis
D. Modified cash basis
E. Commitment basis

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Bases, Accrual, Cash Basis, Financial Statements
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2016

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

Question

Which of the following concepts requires the accountant to give special accounting treatment to items of significant value?
A. Accrual
B. Going concern
C. Materiality
D. Entity
E. Dual aspect

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Accrual, Going Concern, Materiality
Level: Level 1

Topic: Accounting Concepts
Series: MAR/JULY 2020

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

Question

Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accrual, Consistency, Fair Presentation, Going Concern, Materiality, Prudence, Substance Over Form
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2021

FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

Question

Which of the following bases is used in preparation of financial statements?
A. Break up basis
B. Cash basis
C. Accrual basis
D. Modified cash basis
E. Commitment basis

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Bases, Accrual, Cash Basis, Financial Statements
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2016

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

Question

Which of the following concepts requires the accountant to give special accounting treatment to items of significant value?
A. Accrual
B. Going concern
C. Materiality
D. Entity
E. Dual aspect

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Accrual, Going Concern, Materiality
Level: Level 1

Topic: Accounting Concepts
Series: MAR/JULY 2020

Question Tag: Accrual

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FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

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FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

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FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

You're reporting an error for "FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash"

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)"

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

You're reporting an error for "FA – May 2021 – L1 – SB – Q1a – Accounting Concepts"

FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash

A question regarding the bases used in preparing financial statements.

You're reporting an error for "FA – May 2016 – L1 – SA – Q1 – Bases of Accounting: Accrual vs. Cash"

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)"

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