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4.5 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2006 · Paper 2 · Question 1(c)(ii)

A friend Jack questions the need for accounting standards, believing in the free market and individual firm discretion.

Briefly describe THREE ways in which accounting standards benefit the users of published financial statements.

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Other parts of this question

  1. 1(a)(i)Write short notes on the process involved in recording adjusting journal entries for any THREE of the five categories of items listed.[9 marks]
  2. 1(a)(ii)Explain how the adjusting journal entries listed are related to the accruals and matching concepts.[7 marks]
  3. 1(b)List and briefly describe FIVE internal control practices relating to cash, which would be carried out even in a small business having little opportunity for…[10 marks]
  4. 1(c)(i)Briefly describe THREE ways in which accounting standards benefit those who prepare financial statements for publication.[4.5 marks]

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