1 What are the four basic concepts of accounting? 2 What does the Going Concern Concept in accounting mean? 3 What does the Accrual Concept in accounting mean? 4 What does the Prudence Concept in accounting mean? 5 What does the Consistency Concept in accounting mean? 6 Explain the term Accounting Base with an appropriate example. 7 Explain what an Accounting Policy is and give an example. 8 What does the Realisation Principle in accounting mean? 9 What does the Entity Concept in accounting mean?
10 Explain the term Money Measurement. 11 Explain the double entry principle. 12 What does the Objectivity Principle in accounting mean? 13 What does the Materiality Concept in accounting mean? 14 Explain the term Historical Cost. 15 What agencies provide the Regulatory Framework of Accounting? 16 Why is a Regulatory Framework of Accounting needed? 17 What role does the Government play in the Regulatory Framework of Accounting? 18 What role does the European Union play in the Regulatory Framework of Accounting? 19 What role does the Stock Exchange play in the Regulatory Framework of Accounting? 20 What role does the Accounting Profession play in the Regulatory Framework of Accounting? 21 What does IFRS stand for? 22 Explain the term True and Fair View. 23 Explain what an audit is and outline its purpose. 24 Why is the auditor referred to as a Watchdog and not a Bloodhound? 25 Explain what a qualified Auditor’s Report is. 26 Explain what an unqualified Auditor’s Report is. 27 Outline the role of the Accounting Standards Board. 28 List five items that must be included in the Director’s Report. 29 Explain the term Exceptional Item and give two examples. 30 Explain the term Contingent Liability and give two possible examples of when a Contingent Liability may exist.
The knowledge of the Conceptual and Regulatory Framework of Accounting will help you understand why things are done in accounting. These questions will help you with the theory part of your exam.
