Page 23 - Financial Accounting 1 ITC Preparation June 2018

ITC EXAM PREP – JUNE 2018

Elements of the financial statements

Recognition
Definition Conclusion
criteria

Asset vs Expense Liability vs income

Class example Class example

‘Discuss the initial recognition of ‘Discuss the initial recognition of a

certified emission reduction rate regulation liability in terms of
certificates in terms of the conceptual the conceptual framework (ITC June

framework (QE 2012 – 20 marks)’ 2014 – 15 marks)’

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