Which of the following statements about accounting concepts and policies is/are correct?1 Companies should never change
the presentation or classification of items in their financial statements, even if there is a significant change in the nature of
operations.2 Companies should create provisions in times of company growth to be utilised in more difficulttimes, to smooth
profits
(1) is incorrect, the presentation or classification can be changed if there is a significant changein the nature of operations, if an IFRS requires it or if a review of the accounts indicates a more appropriate presentation.
(2) is incorrect, companies should not make provisions in order to smooth profits, provisions should only be made in
accordance with IAS 37
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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