Acca - Study guides, Class notes & Summaries

IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

Sole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. Partnership correct answer: this is similar to a sole trader in that the owners of the partnership share all the profits and have unlimited liability for the losses and debts of the business. The key distinction is that there are at least two owners. Limited Liability ...

Objective of an external audit correct answer: The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. An audit of financial statements is an example of an assurance engagement. Advantages of a non-statutory audit correct answer: It can provide a means of settling accounts between the partners. Where audited accou...

ACCA F1 Practice Questions and Answers (100% Pass)

What are the two main type of business transactions correct answer: Cash or Credit. Debit correct answer: Is always on the left-side of the column Credit correct answer: Is always on the right-side of the column Debit To own/have AN ASSET INCREASES eg: new office furniture CAPITAL/A LIABILITY DECREASES eg: pay an account payable INCOME DECREASES eg: cancel a sale AN EXPENCE INCREASES eg: incur advertising cost Left hand side correct answer: CERDIT To owe AN ASSET DECR...

ACCA SBL Exam Questions with Correct Answers What structure for Ethical considerations? - Answer-Tucker's 5 Questions What structure for deciding strategy on public sector projects - Answer-Public Sector Portfolio Matrix ACCA - 5 Skills? - Answer-Commercial Acumen -Judgement - Awareness Analysis -Investigate -Enquire -Consider Communication -Inform -Persuade -Clarify Evaluation -Assess -Estimate -Appraise Scepticim -Probe -Question -Challange What model for...

1. An Organization is a social arrangement which pursues collective goals, which controls its own performance. A. True B. False. correct answer: A 2. Organization is not preoccupied with performance. A. True B. False correct answer: B Organization is preoccupied with performance 3. Organization accumulates and share knowledge. A. True B. False correct answer: A 4. Organization enable people to be more .................................... A. Limited B. Educated C. Producti...

ACCA F3 Practice Questions and Answers (100% Pass)

ACCA FA Practice & Revision Kit Practice Questions and Answers (100% Pass)

TEST BANK For the LATEST EDITION OF PATHOPHYSIOLOGY (2022/2023).THE BIOLOGIC BASIS FOR DISEASE IN ADULTS AND CHILDREN. Written By Kathryn L. McCance, Sue E. Huether The Test Bank Contains all You Need: Questions, Accurate Correct Answerwers and Clear Reasoning for Better Understanding of Pathophysiology. 1. Which statement best describes the cellular function of metabolic absorption? 2. Where is most of a cell’s genetic information, including RNA and DNA, contained?