Accounting Multiple Choice Question – 28 May 2020

Previously Statements of Standard Accounting Practice and Financial Reporting Standards were applied when preparing the financial statements . . .?

Select ONE answer:

1. of any entity whose accounts are intended to give a true and fair view of its financial position and its profit or loss.
2. of smaller private limited companies only.
3. of public limited companies (PLCs) only.
4. of companies whose shares are listed on a recognised Stock Exchange only.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct – This is in accordance with the Explanatory Foreword to the accounting and financial reporting standards.
2. Not correct
3. Not correct
4. Not correct

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