ACCCOB1 Accounting Principles
2025/2026 Exam Questions and Verified
Answers | Already Graded A+
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
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, 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
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
2025/2026 Exam Questions and Verified
Answers | Already Graded A+
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
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, 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
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
