Accounting Multiple Choice Question – 29 May 2020

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Accounting
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Prior to issuing a Financial Reporting Standard, the old Accounting Standards Board would normally issues a ‘draft’ with a view to obtaining comments on the proposed Standard.  Such a ‘draft‘ document were referred to as . . .?

Select ONE answer:

  1. an Exposure Draft.
  2. an Example Draft.
  3. an Explanation Draft.
  4. a Financial Reporting Exposure Draft (FRED).

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 4

  1. Not correct – An Exposure Draft (ED) is what was issued prior to issuing a Statement of Standard Accounting Practice (SSAP). Such EDs are no longer issued as SSAPs are no longer issued.
  2. Not correct – There is no such document in accounting.
  3. Not correct – There is no such document in accounting.
  4. Correct

 

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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