Questions from Financial Accounting

Q: Describe the nature of any adjustments required and the information that should

Describe the nature of any adjustments required and the information that should be disclosed when an entity changes an accounting estimate.

Q: Describe the nature of accounting principles.

Describe the nature of accounting principles.

Q: Explain the nature of the going concern assumption and its implications for

Explain the nature of the going concern assumption and its implications for the preparation of financial statements.

Q: Explain the nature of the accruals concept and the matching concept.

Explain the nature of the accruals concept and the matching concept. Give an example of the application of each.

Q: Complete the following table showing which ledger accounts are to be debited

Complete the following table showing which ledger accounts are to be debited and which are to be credited:

Q: S. Kee is a horse trainer. Prepare the accounting equation

S. Kee is a horse trainer. Prepare the accounting equation for S. Kee at 30 November 20X9

Q: Describe the nature of each of the following: a.

Describe the nature of each of the following: a. measurement bases b. accounting policies c. estimation techniques. Give one example of each.

Q: According to IAS 8 – Accounting Policies, Changes in Accounting Estimates

According to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors (IASB, 2018a) management should develop and apply an accounting policy that provides quality information that will...

Q: Explain the relevance of prudence to the appropriateness of accounting policies.

Explain the relevance of prudence to the appropriateness of accounting policies.

Q: Outline the circumstances that must be prevalent before a change in accounting

Outline the circumstances that must be prevalent before a change in accounting policy is permitted under IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors (IASB, 2018a).