Answer to FA Test No 1 & 2 on Accounting Concepts & Regulatory Framework

ANSWERS:

Answers To Financial Accounting (FA)Test No 1:

1.  Consistency principle

2.  Matching principle

3.  Business entity concept

4.  Going concern concept

5.  Consistency principle

6.  Money measurement/monetary stability concept

7.  Conservative or Prudence principle

8.  Historical cost principle

9.  Historical cost principle

10  Disclosure principle

11  Accrual principle.

12  Matching principle

13  Accrual principle

Answers To Financial Accounting(FA) Test No 2:

1.  Business Entity principle

2.  Accrual principle

3.  Materiality principle

4.  Accrual principle

5.  Accounting period concept

6.  Substance Over Form principle

7.  Disclosure principle

8.  Consistency principle

9.  Materiality principle

10  Matching principle

11 Money measurement concept

12  Objectivity principle

13  Historical cost principle