I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

 

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?