1
Define 'going concern' in no more than 25 words.
2
Fill in the blanks.
…………… helps assure users that information faithfully represents the ……………… ……………… it
purports to represent. It means that different knowledgeable and independent observers could reach
consensus that a particular depiction is a ……………. ……………….. (Conceptual Framework for
Financial Reporting 2018)
3
Making an allowance for receivables is an example of which concept?
A
Accruals
B
Going
concern
C
Materiality
D
Fair
presentation
4
What does 'relevance' mean in the context of financial statements?
5 The
Conceptual Framework identifies the fundamental characteristics and the enhancing qualitative
characteristics of financial statements.
What are the four enhancing qualitative characteristics identified in the Conceptual Framework?
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