ACCCOB1 Accounting Principles Exam Updated And Fully Solved 2023/2024

ACCCOB1 Accounting Principles Exam Updated And Fully Solved 2023/2024 GAAP Answer: Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities. It encompasses the procedures accepted in the accounting process. IASB Answer: International Accounting Standards Board. They actively develop and issue accounting standards that will to be followed internationally. Its purpose is to narrow down the differences in the world when preparing a financial statement. Conceptual Framework of Financial Reporting Answer: 1. Underlying Assumption a. Entity principle b. Going concern c. Monetary Unit d. Time Period 2. General Principles a. Historical cost principle b. Revenue recognition principle c. Matching principle d. Accrual basis principle e. Full disclosure principle 3. Modifying Constraints a. Materiality b. Cost-benefit analysis c. Conservatism d. Industry practice 4. Qualitative Characteristics a. Usefulness b. Understandability c. Relevance d. Reliability e. Neutrality f. Comparability g. Consistency Underlying Assumptions Answer: 1. Entity concept 2. Going concern 3. Monetary Unit 4. Time Period General Principles Answer: 1. Historical cost principle 2. Revenue recognition principle 3. Matching principle 4. Accrual basis principle 5. Full disclosure principle Modifying Constraints Answer: 1. Materiality