4 (a) The IASB’s Framework for the Preparation and Presentation of Financial Statements requires financial
statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are: Matching/accruals Substance over form Prudence Comparability Materiality Required: Briefly explain the meaning of each of the above concepts/assumptions. (5 marks) (b) For most entities, applying the appropriate concepts/assumptions in accounting for inventories is an important element in preparing their financial statements. Required: Illustrate with examples how each of the concepts/assumptions in (a) may be applied to accounting for inventory. (10 marks) (15 marks) 本部分内容设定了隐藏,需要回复后才能看到 |
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