15 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2007 · Paper 2 · Question 1(b)

Explain EACH of the following qualitative characteristics of accounting information identified in the IASB conceptual framework: relevance, reliability, comparability, and consistency.

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1(a)(i)Distinguish between the criteria for recognizing revenues under the cash basis and under the accrual basis of accounting.[5 marks]
1(a)(ii)Distinguish between the criteria for recognizing expenses under the cash basis and under the accrual basis of accounting.[5 marks]
1(c)(i)Briefly contrast the role of internal auditors and external auditors with reference to what or who determines the scope of their work.[2 marks]
1(c)(ii)Briefly contrast the role of internal auditors and external auditors with reference to the period of time for which they are usually appointed.[2 marks]
1(c)(iii)Briefly contrast the role of internal auditors and external auditors with reference to what or whom they are usually required to be independent of.[2 marks]
1(c)(iv)Briefly contrast the role of internal auditors and external auditors with reference to whether they are usually responsible for the prevention and detection of…[2 marks]
1(c)(v)Briefly contrast the role of internal auditors and external auditors with reference to the standards which generally guide their work.[2 marks]

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