ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A
9 views 0 purchase
Course
ACA [ICAEW] – ACCOUNTING
Institution
ACA [ICAEW] – ACCOUNTING
ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll
Statement of Financial Position SOFP - Snapshot of assets controlled, liabilities...
ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry ✔✔1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position ✔✔SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss ✔✔Income and expenses over a period of time The Business entity concept ✔✔Business transactions should be kept separate from the personal transaction of the owner Qualitative characterist ics of financial information ✔✔Two fundamental concepts 1. Relevance [Assists users in evaluating past and predicting future events + Materiality] 2. Faithful Representation [Neutral; Free from Error; Complete] Four Enhancing Characteristics 1. Verifiabil ity [Can be proven] 2. Timeliness [In time to influence decisions of users] 3. Understandability [Readily understandable by people with reasonable knowledge] 4. Comparability [Consistency] Accrual basis of accounting ✔✔- Items recognized as assets, liabil ities, equity, income and expenses (elements of FS) when they satisfy definitions and recognition criteria for those elements in conceptual framework - Transactions recognized when they occur !! Income earned must be matched against the expenditure incurred in earning it Accrual Concept ✔✔Effects of transactions reognized when they occur - not when cash received/paid
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StellarScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.