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4 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2011 · Paper 2 · Question 1(b)(ii)

Identify 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.

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Other parts of this question

  1. 1(a)Prepare the journal entries to record EACH of the given situations (i) to (v).[15 marks]
  2. 1(b)(i)Explain THREE purposes of accounting standards in the commercial activity of a country.[3 marks]
  3. 1(b)(iii)Define EACH of the following accounting concepts: Relevance, Reliability, Comparability, Consistency.[8 marks]
  4. 1(c)Outline FIVE ways in which accounting information in an Electronic Data Processing (EDP) environment can be controlled.[5 marks]

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