559
Revision Questions
The following table links the learning outcomes in the syllabus to the revision questions found
within this section.
Learning Outcomes Questions
(i) Conceptual and Regulatory Framework – 20%
Identify the various user groups which need accounting information and
the qualitative characteristics of fi nancial statements
1.12, 1.13
Explain the function of and differences between fi nancial and management
accounting systems
1.14
Identify the underlying assumptions, policies and changes in accounting
estimates
2.4
Explain and distinguish between capital and revenue, cash and profi t,
income and expenditure, assets and liabilities
1.7, 2.6, 3.1,
3.2, 5.11
Distinguish between tangible and intangible assets
Explain the historical cost convention 5.1
Identify the basic methods of valuing assets on current cost, fair value
and value in use bases, and their impact on profi t measures and
statement of fi nancial position values
1.4
Explain the infl uence of legislation (e.g. Companies Acts, EC directives)
and accounting standards on the production of published accounting
information for organizations
1.15
(ii) Accounting Systems – 20%
Explain the purpose of accounting records and their role in the accounting
system
2.9
Prepare cash and bank accounts, and bank reconciliation statements 1.9, 1.10, 3.4, 22
Prepare petty cash statements under an imprest system 5.3
Prepare accounts for sales and purchases, including personal accounts and
control accounts
1.8, 2.11, 2.14, 3.5,
3.10, 4.7, 4.11, 7, 15,
24, 33
Explain the necessity for fi nancial accounting codes and construct a simple
coding system
1.16
Prepare nominal ledger accounts, journal entries and a trial balance 1.1, 1.2, 2.1, 2.12,
3.7, 4.3, 4.10, 28, 34
Prepare accounts for indirect taxes 2.3
Prepare accounts for payroll 4.6
(iii) Control of Accounting Systems – 15%
Identify the requirements for external audit and the basic processes
undertaken
3.6, 5.4