Fortunately changes to IAS 8 effective from 2023 clarified that the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates unless they result from the correction of prior period errors IAS 834A. These changes added two examples no4 and 5 to IAS 8 that.
Plus One Accountancy Chapter Wise Questions And Answers Chapter 5 Trial Balance And Rectification Of Errors Hssli Trial Balance Question And Answer Book Sale
Questions will assess all parts of the syllabus and will test knowledge and some comprehension or application of this knowledge.
. The examination will consist of two sections. These statements which include the Balance Sheet Income Statement Cash Flows and. These will test consolidations and accounts.
Prior Period Adjustments are made in the financial statements The Financial Statements Financial statements are written reports prepared by a companys management to present the companys financial affairs over a given period quarter six monthly or yearly. Section B will contain 2 fifteen-mark multi-task questions. Additionally errors occur less often with computerized systems but even when these do occur the bookkeeper or accountant can make a quick adjusting entry and watch as the correction is automatically carried through to the revised T-accounts trial balance and financial statements.
Section A will contain 35 two-mark objective test questions.
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