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The Accounting Framework and Concepts
Quick questions on Accounting concepts and conventions explained: H2 Principles of Accounting
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A sole trader records the purchase of a \30$ stapler as a non-current asset and depreciates it over ten years. Which concept suggests this is unnecessary, and what should be done? [2 marks]
What is q2?Show answer
Explain why the going concern concept must be questioned if a business is about to be wound up. [3 marks]
What is q3?Show answer
A firm has earned but not yet received \4\,000$ of interest. State the concept requiring it to be recognised now and the double entry. [3 marks]
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