ACC 311 Theory Questions: Comprehensive Notes on Accounting Policies and Fundamental Concepts

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) Define accounting policies
(b) State: For factors to be considered when selecting suitable account policy.
(c) Write a priori case on the following:
(i) Asset (x) Liability (iii) Income (iv) Expense (v) Equity
(ii) State seven virtues and roles of accounting

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