Which of the following events occurring after the reporting period are classified as adjusting, if material?
1 The sale of inventories valued at cost at the end of the reporting period for a figure in excess of cost
2 A valuation of land and buildings providing evidence of an impairment in value at the year end
3 The issue of shares and loan notes
4 The insolvency of a customer with a balance outstanding at the year end
2 and 4 both affect the valuation of assets at the end of the reporting period
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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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