Financial accounting acca - Study guides, Class notes & Summaries

ACCA Advanced Audit and Assurance Exam Practice Questions and Answers Define materiality - ANSWERMatters are material if their omission or misstatement could influence the economic decisions of users of the financial statements. What are the materiality benchmarks? - ANSWER- Above 1⁄2- 1% of revenue - Above 1 - 2% of total assets - Above 5 - 10% of profit before tax Define performance materiality - ANSWERThis is an amount set by the auditor that is less than the overall materiality thr...

Asset Equation - Assets = Capital + Liabilities Capital (Equity) Equation - Capital = Assets - Liabilities Assets Equation (Long) - Assets = Capital + Liabilities + Profit - Drawings Profit Equation - Profit = Total Revenue - Total Cost Gross Profit Equation - Gross Profit = Sales Revenue - Cost of Sales Tax To Pay Equation - Tax to Pay = Output Tax (Sales) - Input Tax (Purchases) Cost of Sales Equation - Opening Inventory + Purchases - Closing Inventory Straight Line Deprec...

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...

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 P2 IFRS/ IAS STUDY TERMS WITH DEFINITIONS IAS 1 - ANSWERPresentation of Financial Statements IAS 2 - ANSWERInventories IAS 7 - ANSWERStatement of Cash Flows IAS 8 - ANSWERAccounting Policies, changes in accounting estimates and errors IAS 10 - ANSWEREvents after the reporting period IAS 12 - ANSWERIncome Taxes IAS 16 - ANSWERProperty, Plant & Equipment IAS 17 - ANSWERLeases IAS 19 - ANSWEREmployee benefits IAS 20 - ANSWERAccounting for government grants and disclosure of governme...

ACCA BT Chapter 12 Law and Regulation Governing Accounting Exam Study Guide Regulatory bodies - Authorities - ANSWERcompanies and houses in the UK Other Authorities - Authorities - ANSWERfinancial conduct authority, charities, Commission and OFGEM in the UK Tax Authorities - Authorities - ANSWERcompanies and individuals must prepare tax returns each year authorities may want to verify information at a future date - ANSWERorganisations have to keep the accounting records for 7 years CA200...

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 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...

Revision notes summarised for financial reporting F7 ACCA KAPLAN textbook notes, concise, contains all topics, enough to pass exam. all IFRS (standards) compiled in one document.

FAR - Professional Level Exam Notes