Month: February 2021

QUESTION 4 In the context of International Accounting Standard (1AS) 21, distinguish between the accounting treatment for foreign currency transactions “on initial recognition” and “at the end of subsequent reporting periods”. On initial recognition, a foreign currency transaction is recorded Read More …

QUESTION 3 International Accounting Standard (IAS) 28, Investment in Associates prescribes the use of the equity method of accounting for investments in associates over which the investor has significant influence. Required: Describe the term “significant influence” in the context of Read More …

QUESTION 2   In accordance with International Accounting Standard (IAS) 8. Accounting Policies. Changes in Accounting Estimates and Errors, explain the circumstances in which an entity is permitted to change its accounting policies The change is required by an IFRS Read More …

FARMING ENTREPRISES QUESTION 1 Explain the circumstances under which an entity should recognise a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture. An entity controls the asset as a result of past events. Read More …

QUESTION 1  Explain two methods of accounting for construction contracts. Percentage on completion method According to this method, revenue is recognized on the basis of completion at the end of accounting period i.e. based on percentage of completion. Determination of Read More …

QUESTION 7 The International Financial Reporting Standards (IFRSs) Framework recognizes relevance and reliability as some of the quantitative characteristics of financial statements. Required: Distinguish between relevance and reliability in the context of IFRSs Framework. Financial information is said to be Read More …

QUESTION 1 Distinguish between a finance lease and an operating lease indicating how they should be treated in the financial statements as per International Accounting Standard (IAS) 17 “Leases”. Finance leases – A lease that transfers substantially all the risks Read More …

EMERGING TRENDS AND ISSUES IN ICT 1 . E-LEARNING Refers to the use of electronic media and information and communication technologies (ICT) in education. (a) Uses of e-learning include engaging learners to use the web as: A source of materials Read More …

HEALTH AND SAFETY ISSUES IN A COMPUTER ENVIRONMENT (ERGONOMICS) Ergonomics is the science of matching workplace conditions and job demands to the capabilities of the working population. An effective and successful match assures high productivity, avoidance of illness and injury, Read More …

DATA SECURITY THREATS AND HAZARDS TO DATA The following are among the threats to data security: 1 . Data may get lost or damaged during a system crash – especially one affecting the hard disk 2. It can be corrupted Read More …