[单选题]8 Which of the following statements about accounting concepts and conventions are correct?

(1) The money measurement concept requires all assets and liabilities to be accounted for at historical cost. (2) The substance over form. convention means that the economic substance of a transaction should be reflected in the financial statements, not necessarily its legal form. (3) The realisation concept means that profits or gains cannot normally be recognised in the income statement until realised. (4) The application of the prudence concept means that assets must be understated and liabilities must be overstated in preparing financial statements.

正确答案 ：B

2 and 3

[单选题]5 An enterprise has made a material change to an accounting policy in preparing its current financial statements.

Which of the following disclosures are required by IAS 8 Accounting policies, changes in accounting estimates and errors in these financial statements? 1 The reasons for the change. 2 The amount of the consequent adjustment in the current period and in comparative information for prior periods. 3 An estimate of the effect of the change on future periods, where possible.

正确答案 ：A

1 and 2 only

[单选题]20 Which of the following events occurring after the balance sheet date are classified as adjusting, if material?

1 The sale of inventories valued at cost at the balance sheet date for a figure in excess of cost. 2 A valuation of land and buildings providing evidence of an impairment in value at the year end. 3 The issue of shares and loan notes. 4 The insolvency of a customer with a balance outstanding at the year end.

正确答案 ：B

2 and 4

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