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ACCCOB1 ACCOUNTING PRINCIPLES EXAM / QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+ $9.88   Add to cart
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ACCCOB1 ACCOUNTING PRINCIPLES EXAM / QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+
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ACCCOB1 ACCOUNTING PRINCIPLES EXAM / QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. 1. GAAP: 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 p...

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  • September 18, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acccob1
  • acccob1 accounting principles exam questions and

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Unt ACCCOB1 ACCOUNTING PRINCIPLES EXAM /
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+ itled document

, ACCCOB1 ACCOUNTING PRINCIPLES EXAM /
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+

GAAP - ANSGenerally 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 - ANSInternational 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 - ANS1. 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
a. Usefulness
b. Understandability
c. Relevance
d. Reliability
e. Neutrality
f. Comparability
g. Consistency

Underlying Assumptions - ANS1. Entity concept
2. Going concern
3. Monetary Unit

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