Question 1 a) Provide a definition and an example for each of the following concepts. Your definition must be from an academic book. (References must be provided) i. ii. iii. iv. v. vi. Historical Cost Monetary Going Concern Time Interval Business Entity Accruals
b) Elaborate the consequences of non-compliance of each of the accounting concepts. [12 marks] c) Discuss four qualitative characteristics that a financial statement should possess. [ 6 marks]
TAYLOR’S BUSINESS SCHOOL TAYLOR’S BUSINESS FOUNDATION PRINCIPLES OF ACCOUNTING BUS 0115 APRIL 2013 INTAKE SEMESTER 1 INDIVIDUAL ASSIGNMENT (15%) Assignment Guidelines The total marks for this assignment is 30 marks. Marks achieved by students will be converted to 15%. The contents of the write-up should be at least 600 words. Students must indicate the word count at the end of the write-up. Marks will be awarded based on the quality of your answers. You are encouraged to explain your answers in detail, and provide clear examples where possible. Marks will be deducted for any solutions provided without explanation or example. Submission date is on 22nd May 2013, by 12noon. Timely submission is your responsibility and any reasons for late submission will not be entertained. A hard copy of your assignment must be submitted to your own tutor’s assignment drop box at Block E, Level 2, outside the entrance to the Divisional Office. You are also required to submit a soft copy of your assignment in ‘Times’. Students are only allowed to use Microsoft Word, Font Size 12, Times New Roman, with 1.5 spacing throughout the write-up. Please use the cover page as attached. Plagiarism, which is an attempt to present another person’s work without acknowledging the source, is a serious academic offence and any students found to be doing...