1 markAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2014 · Paper 2 · Question 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.

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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)(i)Give TWO reasons why it became necessary to develop IFRS for SMEs.[4 marks]
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]

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