Tag: True & Fair

Accounting Multiple Choice Question – 12 January 2024

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

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Which of the following is the best description of fair presentation in accordance with IAS 1 Presentation of Financial Statements?

Select ONE answer:

  1. The financial statements are accurate
  2. The financial statements are as accurate as possible given the accounting systems of the organisation
  3. The directors of the company have stated that the financial statements are accurate and correctly prepared
  4. The financial statements are reliable in that they reflect the effects of transactions, other events and conditions

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
  2. Not correct
  3. Not correct
  4. Correct

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