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Accounting Standards and Conceptual Framework · CAPE Accounting Unit 1

34 past-paper questions on Accounting Standards and Conceptual Framework, part of Module 1: Accounting Theory, Recording and Control Systems, from every CAPE Accounting Unit 1 paper on Quelpr.

Practise Accounting Standards and Conceptual Framework
  1. 1(a)(ii)7 marks· CAPE Accounting Unit 1 · 2006 · Paper 2Explain how the adjusting journal entries listed are related to the accruals and matching concepts.
  2. 1(c)(i)4.5 marks· CAPE Accounting Unit 1 · 2006 · Paper 2Briefly describe THREE ways in which accounting standards benefit those who prepare financial statements for publication.
  3. 1(c)(ii)4.5 marks· CAPE Accounting Unit 1 · 2006 · Paper 2Briefly describe THREE ways in which accounting standards benefit the users of published financial statements.
  4. 3(b)4 marks· CAPE Accounting Unit 1 · 2006 · Paper 2Briefly describe the purpose of the income statement and the balance sheet.
  5. 1(b)15 marks· CAPE Accounting Unit 1 · 2007 · Paper 2Explain EACH of the following qualitative characteristics of accounting information identified in the IASB conceptual framework: relevance, reliability, comparability, and consistency.
  6. 1(a)5 marks· CAPE Accounting Unit 1 · 2009 · Paper 2List the FIVE characteristics and match EACH with the appropriate definition by selecting the correct letter from the table.
  7. 1(b)2 marks· CAPE Accounting Unit 1 · 2009 · Paper 2Define the term 'due process' as it relates to the development of accounting standards.
  8. 1(b)10 marks· CAPE Accounting Unit 1 · 2010 · Paper 2State whether you agree or disagree with the statement "A country should develop its own accounting standards" and outline FIVE reasons to support your position.
  9. 1(b)(i)3 marks· CAPE Accounting Unit 1 · 2011 · Paper 2Explain THREE purposes of accounting standards in the commercial activity of a country.
  10. 1(b)(ii)4 marks· CAPE Accounting Unit 1 · 2011 · Paper 2Identify TWO groups of persons who are represented on the International Accounting Standards Board and give ONE reason for EACH group to show why it needs accounting standards.
  11. 1(b)(iii)8 marks· CAPE Accounting Unit 1 · 2011 · Paper 2Define EACH of the following accounting concepts: Relevance, Reliability, Comparability, Consistency.
  12. 1(c)(i)2 marks· CAPE Accounting Unit 1 · 2012 · Paper 2Briefly explain the term Consistency as used in IAS 1.
  13. 1(c)(ii)2 marks· CAPE Accounting Unit 1 · 2012 · Paper 2Briefly explain the term Materiality as used in IAS 1.
  14. 1(c)(iii)2 marks· CAPE Accounting Unit 1 · 2012 · Paper 2Briefly explain the term Going concern as used in IAS 1.
  15. 1(a)6 marks· CAPE Accounting Unit 1 · 2013 · Paper 2Outline the structure of the 'Conceptual Framework of Accounting' (a diagram may be used).
  16. 1(b)3 marks· CAPE Accounting Unit 1 · 2013 · Paper 2State THREE reasons why the International Accounting Standards Board (IASB) developed the Conceptual Framework of Accounting.
  17. 1(c)6 marks· CAPE Accounting Unit 1 · 2013 · Paper 2Outline the meaning of any THREE of the following qualitative characteristics of accounting information: (i) Relevance, (ii) Reliability, (iii) Comparability, (iv) Consistency, (v) Understandability.
  18. 1(d)4 marks· CAPE Accounting Unit 1 · 2013 · Paper 2State any FOUR steps leading to the establishment and issuance of an Accounting Standard.
  19. 1(c)(i)4 marks· CAPE Accounting Unit 1 · 2014 · Paper 2Give TWO reasons why it became necessary to develop IFRS for SMEs.
  20. 1(c)(ii)1 mark· CAPE Accounting Unit 1 · 2014 · Paper 2Name ONE Institute of Chartered Accountants in the Caribbean whose main function is to ensure members adopt and implement IAS / IFRS for SMEs.
  21. 1(a)(i)2 marks· CAPE Accounting Unit 1 · 2015 · Paper 2State the meaning of the historical cost concept.
  22. 1(a)(ii)2 marks· CAPE Accounting Unit 1 · 2015 · Paper 2State the meaning of the prudence concept.
  23. 1(b)2 marks· CAPE Accounting Unit 1 · 2015 · Paper 2What amount should B. Ross record for the motor car in the books of the business?
  24. 1(c)4 marks· CAPE Accounting Unit 1 · 2015 · Paper 2Identify and explain the concept which allows B. Ross to record the motor car invested in the business as a non-current asset.
  25. 1(a)(i)2 marks· CAPE Accounting Unit 1 · 2016 · Paper 2Using an appropriate example, explain the term 'Substance over form'.
  26. 1(a)(ii)2 marks· CAPE Accounting Unit 1 · 2016 · Paper 2Using an appropriate example, explain the term 'Relevance'.
  27. 1(a)(iii)2 marks· CAPE Accounting Unit 1 · 2016 · Paper 2Using an appropriate example, explain the term 'Reliability'.
  28. 1(b)(i)5 marks· CAPE Accounting Unit 1 · 2016 · Paper 2List the FIVE elements of a full set of financial statements as required by IFRS for SMEs.
  29. 1(a)(i)4 marks· CAPE Accounting Unit 1 · 2017 · Paper 2Explain the meaning of 'Verifiability' and 'Prudence' as defined in the IASB conceptual framework for the preparation and presentation of financial statements.
  30. 1(a)(ii)4 marks· CAPE Accounting Unit 1 · 2017 · Paper 2According to the framework, explain TWO characteristics of relevant information that make the information in financial statements relevant to users.
  31. 1(a)(i)2 marks· CAPE Accounting Unit 1 · 2018 · Paper 2Outline the MAIN objective of 'general purpose financial reporting' in accordance with the IASB Framework.
  32. 2(b)(iv)2 marks· CAPE Accounting Unit 1 · 2018 · Paper 2Explain ONE reason for your accounting treatment of the goods received in January 2017 as outlined in Bullet 3.
  33. 1(a)(i)4 marks· CAPE Accounting Unit 1 · 2021 · Paper 2List FOUR main users of financial statements.
  34. 1(a)(ii)4 marks· CAPE Accounting Unit 1 · 2021 · Paper 2State ONE purpose of financial statements for EACH of the users listed in (a)(i).

Related topics in Module 1: Accounting Theory, Recording and Control Systems