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1-42 | Conceptual framework and Accounting Standards 13. Which one of the following statements is true of the historical cost convert C. I values all assets at their cost to the business, without any 20 d. It has been replaced in accounting records by a system of current cost a It falls to take account of changing price levels over time It records only past b depreciation 10 14. Which one of the following is the main aim of accounting? a. To maintain fedger accounts for every asset and liability b. To provide financial information to users of such information To produce a trial balance d. To record every financial transaction individually 15. Which accounting concept or convention which, in times of rising prices, tends to understate asset values and overstate profits? a. The going concern concept b. The prudence concept The realisation concept d. The historical cost convention 16. Which of the following is not an enhancing qualitative characteristic of good financial information? a. Verifiability b. Timeliness Comparability d. Profitability 17. Which of the following statements is correct? a. An entity is not a going concern if the management has the needs to liquidate the entity b. An entity is not a going concern if the management intends to curtail significantly the scale of the entity's operations c. Both A and B are correct d. Neither Anor B is correct