Time Interval Concept

ANSWER ALL THE QUESTIONS
QUESTION 1:
The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It comprises of the objectives of reporting the financial statement, qualitative characteristics and elements and an operational guideline. In preparing the financial statements, there are underlying concepts and assumptions that accountant must rely on.
Required:
Discuss each of the accounting concepts and assumptions given below in detail and provide the valid example.
(a) Business entity concept
(b) Historical cost
(c) Materiality
(d) Dual Aspect Concept
(e) Comparability
(f) Time Interval Concept
(g) Money Measurement Concept
(h) Accrual Basis
(i) Substance over Form
(j) Matching
(Total: 50 marks)

QUESTION 2:
Identify any TWO (2) Public Listed Company listed under the Main Market of Bursa Malaysia originating from the same industry. Download the most recent annual report of the companies you have chosen. Analyze and compare the annual reports and critically assess the difficulties in preparing a set of useful financial statements, which exhibits all the primary qualitative characteristics necessary for all users of financial statements (E.g. Comparability). How well do you feel that your chosen companies have achieved this purpose?
(Minimum 1200 words)
NOTE: Students should relate answer to specific annual reports. Remember you must use your own words and NOT copy direct from the annual report. Attach the snippets of the Annual Reports as an appendix with your assignment.
(50 marks)
(Total 100 marks)