2014S2 acctPracExamQuestions Answers - ACCT1501 Practice...

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ACCT1501 Practice Exam Questions & Solutions 2014S2 1 QUESTION 1 (11 Marks) Financial Reporting Principles, Accounting Standards and Auditing, & Sustainability Reporting Provide short answers to the following: 1.What are generally accepted accounting principles? (2 Marks)
2.If you have a good idea and expect to make a lot of money from the idea is that a sufficient reason to recognise an asset? Explain why or why not. (2 Marks)
ACCT1501 Practice Exam Questions & Solutions 2014S2 2 3.Auditors are required to maintain independence from their audit client. Why such independence is crucial? Why achieving and maintaining independence is difficult? (4 marks)

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