Acca financial reporting - Study guides, Class notes & Summaries

Financial Reporting F7 ACCA 2024 Exam Questions and Answers purpose of financial reporting - ANSWERto provide information to the users i.e. creditor, lendor and investers. they are the primary users IFRS 9 effective interest rate table - ANSWERAC B/F... interest expense... interest paid.... AC C/F. BF+IE-IP=CF intangible Asset Conditions - ANSWER1. no physical existence 2. should be non monetary .... not cash not receivable but PPE 3. Seperable or Identifiable. we can seperate it. 6 sta...

ACCA AA 2024 Exam Questions and Answers Who are the Stakeholders in an Audit? - ANSWERShareholders Directors Employees HMRC Suppliers The Public What are the conditions for audit exemption? - ANSWER2 or more: Turnover <10.2M Assets <5.1M Employees <50 ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/147 What is an Audit? - ANSWERIndependent Expression of opinion "True and Fair" Financial Statements in accordance with repor...

International Accounting Standards Board (IASB) - Answer On a global level, they determine the general accounting standards and is made up of board members from nine countries International Financial Reporting Standards (IFRS) - Answer IASB's mission is to develop a single set of global accounting standards published as pronouncements Generally Accepted Accounting Principles (GAAP) - Answer Accounting standards in the US; While IFRS is principles-based, the US standards are rules-based In...

ACCA Strategic Business Reporting (UK) Exam Study Guide The code of ethics and conduct - ANSWER• Integrity • Objectivity • Professional Competence and Due Care • Confidentiality • Professional behaviour Consequences of unethical behaviour - ANSWERThe consequences for individuals include: • Fines • The loss of professional reputation • Being prevented from acting as a director or officer of a public company in the future • The possibility of being expelled by a profes...

ACCA F7 - The Conceptual Framework Exam Practice Questions and Answers Advantages of the conceptual framework? - ANSWER• Standardised consistent accounting practices, • Standards are less subject to political pressure • Consistent methodology used • Avoids reactionary approach to setting standards Disadvantages of the conceptual framework? - ANSWER• Needs of all users cannot be considered • Different users may require different conceptual • May hamper development What does...

ACCA - Audit and Assurance (AA) Exam Study Guide Objective of an external audit - ANSWERThe 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 - ANSWERIt can provide a means of settling accounts between ...

ACCA FA Practice & Revision Kit Study Questions and Answers 1.1 Who issues International Financial Reporting Standards? A The IFRS Advisory Committee B The stock exchange C The International Accounting Standards Board D The government - ANSWERC The role of the IASB is to develop and publish International Financial Reporting Standards. 1.2 Which groups of people are most likely to be interested in the financial statements of a sole trader? 1 Shareholders of the company 2 The business...

ACCA, FIA, MA1 - Lesson 2 Study Guide Solutions An accounting system that operates a single set of ledgers is referred to as an - ANSWERintegrated system Financial accounting - ANSWER- Financial accounting is the systematic recording, reporting, and analysis of the financial transactions of a business - The focus is on the recording of historical (past) transactions. Some organisations (particularly those involved in manufacturing) traditionally operate two separate accounting ledgers - ...

ACCA FBT/BT/FAB/AB/F1 Syllabus Section C Practice Questions and Answers Purpose of accounting information - ANSWERAccounting is a way of recording, analysing and summarising transactions of a business. Accounts are produced to aid management in planning, control and decision-making, and to comply with statutory regulations. Factors that influence the accounting system - ANSWER- Organisation *size* - *Type* of organisation - Organisation *structure* Users of Financial Information - ANSWE...

ACCA F3 nilelan Exam with Questions and Answers...