2014S1 PracExamQuestions Answers - ACCT1501 Practice Exam...

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ACCT1501 Practice Exam Questions & Solutions 2014S1 1 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)
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 2 3.How can financial information be relevant to the users of financial reports? (2 Marks)
4.What is meant by sustainability reporting? (2 Marks)
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
ACCT1501 Practice Exam Questions & Solutions 2014S1 3

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