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NEW QUESTION 50
In relation to financial statements, the 'true and fair override' indicates that

A. accounting standards must be complied with under all circumstances.B. the true and fair requirement need not be complied with by certain industries.C. departure is allowed from accounting standards under specific instances to show a fair presentation.D. statements need not always be true and accurate.

Answer: C

 

NEW QUESTION 51
In a stock market that displays strong efficiency, share prices reflect all available

A. public information.B. information about past changes in share prices.C. public and inside information.D. information about future expansion plans.

Answer: C

 

NEW QUESTION 52
Which one of the following parties provides information to ensure that the financial statements show a true and fair view?

A. financial InstitutionsB. directors of the companyC. shareholdersD. tax consultants

Answer: B

 

NEW QUESTION 53
Which one of the following describes the key advantage of the manual system of accounting?

A. Corrections are easily managed as updating or recreating the whole document is not difficult.B. Processing is maintained at a reasonable speed even while dealing with large volumes of data.C. The quality of output is not necessarily an issue.D. A thorough understanding of the business can be gained through it.

Answer: D

 

NEW QUESTION 54
The ability of a company to pay its bills when and as they fall due is a measure of

A. compliance with the conceptual framework.B. solvency.C. economic value.D. the true and fair view of the financial report.

Answer: B

 

NEW QUESTION 55
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