2014S1-questions-and-answers - ACCT1501 Practice Exam...

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ACCT1501 Practice Exam Questions & Solutions 2014S1 QUESTION 1 (8 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)
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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 2014S1 3. How can financial information be relevant to the users of financial reports? (2 Marks)
2 2 marks – must refer to reporting on all three dimensions – environmental social and economic performance 1 mark – must refer to reporting on at least one of environmental or social performance
2 marks – must refer to information being useful for making economic decisions by aiding either of prediction or confirmation. 1 mark – must refer to the information being useful for making economic decisions. 4. What is meant by sustainability reporting? (2 Marks)
ACCT1501 Practice Exam Questions & Solutions 2014S1 3

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