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2 marksAccounting Standards and Conceptual Framework

CAPE Accounting Unit 1 · 2012 · Paper 2 · Question 1(c)(iii)

Under International Accounting Standard 1 (IAS 1), certain considerations are required for fair presentation and compliance.

Briefly explain the term Going concern as used in IAS 1.

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Other parts of this question

  1. 1(a)(i)Copy and complete Table 1 comparing and contrasting the scope and objectives of the work of internal auditors for a public company with those of external…[8 marks]
  2. 1(a)(ii)Explain briefly the extent to which each type of auditor should be expected to detect fraud in a company.[4 marks]
  3. 1(b)Prepare journal entries with narratives to record the given transactions.[17 marks]
  4. 1(c)(i)Briefly explain the term Consistency as used in IAS 1.[2 marks]
  5. 1(c)(ii)Briefly explain the term Materiality as used in IAS 1.[2 marks]

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