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4 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2021 · Paper 2 · Question 1(a)(i)

The objective of financial statements is to provide information regarding financial position, performance, and changes in financial position useful to various users in making economic decisions.

List FOUR main users of financial statements.

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Other parts of this question

  1. 1(a)(ii)State ONE purpose of financial statements for EACH of the users listed in (a)(i).[4 marks]
  2. 1(b)Differentiate between the terms 'accrual basis accounting' and 'cash basis accounting'.[4 marks]
  3. 1(c)(i)Outline ONE benefit of a computerized accounting system to the process of independent internal verification.[2 marks]
  4. 1(c)(ii)Discuss the impact of the introduction of an integrated computerized accounting system on EACH of the following processes: • Recording of information • Access…[8 marks]
  5. 1(d)Prepare journal entries (without narratives) to record the transactions in 2019.[13 marks]

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