Question

1.Discuss the four reasons why accountants should observe international Accounting standards.

2.Identify the main approaches in preparing final accounts where there are incomplete records.

Answer 1

1.To promote :

i) transparency

ii) accountability

iii) Efficiency in financial markets around the world.

2.

a)Estimating income from the net assets.

b)Estimating income from the use of ratios.

c)Use of a simple cashbook and bank statement.