CAPE Accounting Unit 1 · 2014 · Paper 2 · Question 1(c)(i)
Give TWO reasons why it became necessary to develop IFRS for SMEs.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 1(a)Prepare journal entries to record the transactions (i) to (iv) for Douglas Spencer Ltd (DS Ltd) during 2014. Narratives are not required.[10 marks]
- 1(b)Prepare the journal entry to record the sale of 5 000 shares of Mango Pulp Company by The National Gas Corporation on 27 March 2013.[5 marks]
- 1(c)(ii)Name ONE Institute of Chartered Accountants in the Caribbean whose main function is to ensure members adopt and implement IAS / IFRS for SMEs.[1 mark]
- 1(d)(i)Identify the internal control principle that is being violated for situations 2 through 6 using Table 1.[5 marks]
- 1(d)(ii)Suggest ONE corrective measure that could be employed and give your reason for situations 2 through 6 using Table 1.[10 marks]
More practice: the rest of this paper · more Accounting Standards and Conceptual Framework questions · all CAPE Accounting Unit 1 past papers