External auditors are primarily responsible for:

• A.Checking the accuracy of all entries in the accounting system
• B.Determining that the accounts show a fair representation of the affairs of the company
• C.Detecting errors and fraud
• D.Preparing the financial accounts

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The financial statements are produced in accordance with relevant accounting standards. This compliance ensures the requirement of fair presentation of transactions and events is met How is this compliance emphasized?

• A.Regular preparation of financial statements
• B.Specific disclosure
• C.Reconciliation procedures
• D.Employment of qualified employees

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Accounting records should be kept by all businesses for many reasons.
Which THREE of the following are reasons for keeping accounting records?

• A.Provides information about the resources and activities of a business
• B.In case of potential takeovers
• C.Indicates how successfully managers are performing
• D.Aids the efficient running of a business
• E.To reassure employees
• F.To aid the application of bank loans

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Which THREE of the following are subsidiary bodies of the IFRS Foundation?

• A.International Advisory Committee
• B.Advisory Interpretations Committee
• C.International Advisory Standards Board
• D.IFRS Advisory Council
• E.IFRS Interpretations Committee
• F.International Accounting Standards Board

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The phrase 'net book value', when applied to the statement of financial position figure for non-current assets, indicates that the figure represents:

• A.The current market value of the assets, less accumulated depreciation
• B.The replacement cost of the assets
• C.The original cost or valuation of the assets, less accumulated depreciation
• D.The current market value of the assets

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