Question: a) The accrual concept (3 marks) b) The going concern concept (3 marks) 2) State three objectives of financial statements. (3 marks) 3) State four

a) The accrual concept (3 marks) b) The going concern concept

a) The accrual concept (3 marks) b) The going concern concept (3 marks) 2) State three objectives of financial statements. (3 marks) 3) State four limitations of financial statements. (4 marks) 4) Describe the steps involved in the promulgation of accounting standards by the IASB. (12 marks) 5) What is theory? (2 marks)

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