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Accounting

Question 11
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Which one of the following alternatives is incorrect?
a.
The purpose of the Conceptual Framework is to override any particular disclosure or measurement requirement in any IFRS
b.
The purpose of the Conceptual Framework is to assist in developing future standards.
c.
The purpose of the Conceptual Framework is to assist in harmonising legislation and reducing the number of alternative accounting treatments.
d.
The purpose of the Conceptual Framework is to assist users in interpreting the information in interpreting the financial statements when compiled according to IFRS.
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Question 12
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Telephone expense in arrears (unpaid) at the end of an entity's financial year will be recorded in the general journal of the entity by:
a.
Debiting telephone expense and crediting bank
b.
Debiting accrued expense and crediting bank
c.
Debiting telephone expense and crediting accrued expense
d.
Debiting bank and crediting telephone expense
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