ACCA FA Practice & Revision Kit Study Questions and Answers
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Module
ACCA
Institution
ACCA
ACCA FA Practice & Revision Kit Study
Questions and Answers
1.1 Who issues International Financial Reporting Standards?
A The IFRS Advisory Committee
B The stock exchange
C The International Accounting Standards Board
D The government - ANSWERC The role of the IASB is to develop and publish I...
(2) is the IASB's Conceptual Framework description of the purpose of financial statements, and is
therefore true.
1.4 Which of the following are advantages of trading as a limited liability company?
1 Operating as a limited liability company makes raising finance easier because additional shares can be
issued to raise additional cash.
2 Operating as a limited liability company is more risky than operating as a sole trader because the
shareholders of a business are liable for all the debts of the business whereas the sole trader is only
liable for the debts up to the amount he has invested.
A 1 only
B 2 only
C Both1and2
D Neither 1 or 2 - ANSWER✔✔A (2) is incorrect - shareholders are only liable for the debts of the
business up to the amount they
have invested in shares, whereas sole traders are liable for all of the debts of the business.
1.5 Which of the following best describes corporate governance?
A Corporate governance is the system of rules and regulations surrounding financial reporting.
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