3488970
| Question | Answer |
| What are the four main considerations of IAS 1? | Lets found out... |
| What is going concern? | Going concern is the assumption that a company or other entities (like Tescos), will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on. |
| What is the accrual basis of accounting? | An example of this is if you buy something in one month (so that is the month period the transaction has happened) but you don't receive the invoice till the next month so you need to accrue for this in the month of the transaction to balance the accounts for that month. |
| What is presentation consistency? | Keeping the same presentation in all financial documents. Not changing the layout every month to make it look better. |
| What is comparative information? | When you compare information from one year/month to another year/month. |
Want to create your own Flashcards for free with GoConqr? Learn more.