a. Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement
i. Going concern
ii. Consistency of presentation
iii. Accrual
iv. Fair presentation
v. Substance over form
vi. Prudence
vii. Materiality 

b. i. What is accounting standards?
ii. Explain the purpose of accounting standards 

Answer rating: 100% (QA)

a i Going Concern concept assumes that a business will continue to operate for the years to come This principle ensures that the company will not be compelled to suspend activities and liquidate its h... View the full answer