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ACCCOB1 Accounting Principles
questions fully solved 2023
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
ACCCOB1 Accounting Principles
questions fully solved 2023
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
