ANSWER ALL QUESTIONS QUESTION 1 (a) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework. (5 marks) (b) Explain TWO fundamental qualities of financial information. (c) Explain SIX subsidiary books of Book-keeping accounting. Total = (15 marks) (4 marks) (6 marks) ANSWER ALL QUESTIONS QUESTION 1 ( a ) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework . ( 5 marks ) ( b ) Explain TWO fundamental qualities of financial information . ( c ) Explain SIX subsidiary books of Book - keep
ing accounting . Total = ( 15 marks ) ( 4 marks ) ( 6 marks )

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26-06-2022
Business

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ANSWER ALL QUESTIONS QUESTION 1 (a) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework. (5 marks) (b) Explain TWO fundamental qualities of financial information. (c) Explain SIX subsidiary books of Book-keeping accounting. Total = (15 marks) (4 marks) (6 marks) ANSWER ALL QUESTIONS QUESTION 1 ( a ) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework . ( 5 marks ) ( b ) Explain TWO fundamental qualities of financial information . ( c ) Explain SIX subsidiary books of Book - keep
ing accounting . Total = ( 15 marks ) ( 4 marks ) ( 6 marks )

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anthougo anthougo · Answer 1 · 2022-06-27T18:32:50+02:00

a) The FIVE elements of financial statements as defined in the IASB's Framework are Assets, Liabilities, Equity, Revenue, and Expenses.

b) TWO fundamental qualities of financial information are relevance and faithful representation.

c) SIX subsidiary books of Bookkeeping accounting are as follows:

General journal
General ledger
Sales Journal
Purchases Journal
Cash receipt journal
Cash disbursement journal.

What are the financial statements?

Financial statements are formal records that faithfully present relevant information about an entity's financial performance and position over a period.

Some of the common financial statements are:

Income statement (revenues and expenses)
Cash-flow statement (cash inflows and outflows)
Balance sheet (assets, liabilities, and equity)
Statement of change in equity
Note to Financial Statements.

Thus, financial information must be relevant and faithfully representative of financial performance and position.

Learn more about financial statements at https://brainly.com/question/14615122

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