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6 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2013 · Paper 2 · Question 1(a)

Questions on the Conceptual Framework of Accounting, standard-setting, internal controls, and journal entries.

Outline the structure of the 'Conceptual Framework of Accounting' (a diagram may be used).

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  1. 1(b)State THREE reasons why the International Accounting Standards Board (IASB) developed the Conceptual Framework of Accounting.[3 marks]
  2. 1(c)Outline the meaning of any THREE of the following qualitative characteristics of accounting information: (i) Relevance, (ii) Reliability, (iii) Comparability,…[6 marks]
  3. 1(d)State any FOUR steps leading to the establishment and issuance of an Accounting Standard.[4 marks]
  4. 1(e)State any FOUR ways to achieve internal controls in an organisation to improve the accuracy and reliability of accounting records.[4 marks]
  5. 1(f)Prepare the journal entries, including narratives and clearly showing calculations, for the following transactions of D&G Limited: - 15 March 2012: Purchased…[12 marks]

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