Exam (elaborations)
Icaew Aca Accounting With Complete Solutions 2024
- Course
- Institution
Icaew Aca Accounting With Complete Solutions 2024
[Show more]
Content preview
Icaew Aca Accounting With CompleteSolutions 2024
Accounting Answer: A way of recording, analysing and summarising transactions of an entity.
Statement of Profit and Loss Answer: It reflects the performance of a business over a period of time.
Statement of Financial Position Answer: It reflects the position of a business at a point in time.
Users of Accounting Answer: Any organisation/business/individual who needs to keep track of their
income, expenses, assets and liabilities.
Types of Business Entity Answer: • Sole trader
• Partnership
• Limited Liability Companies
SOFP Answer: A list of assets and liabilities of the business.
SPL Answer: The revenue and expense of a business for the accounting period.
Purpose of SOFP Answer: To show the total value of the net assets of the business at the end of a
period.
Purpose of SPL Answer: To show the amount of profit and loss that the business has made during
that period.
, Stakeholders for financial information Answer: • Managers/Directors
• Owners of the company
• Trade contracts
• Finance providers
•HMRC
Capital Expenditure Answer: Expenditure which results in the acquisition of non-current assets or an
improvement or enhancement of their earning capacity (>1yr) (NCA)
Revenue Expenditure Answer: Expenditure which is incurred either for trade purposes (e.g. items
for resale) or to maintain the existing earning capacity of non-current assets (e.g repairing)
Code of Ethics (IFAC) Answer: • Professional Behaviour
• Objectivity
• Professional Competence & due care
• Confidentiality
• Integrity
Business entity concept Answer: A business is a separate entity from its owner.
Capital Answer: How much the business owes back to the owner.
Year-end capital Equation Answer: Bal. at start of year + net profit + capital inj. - drawings
Share capital Equation Answer: Bal. at start of year + Further investment in shares by new
stakeholders
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 Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77851 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now