Icaew - Study guides, Class notes & Summaries

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 • Par...

ICAEW ACA Accounting Exam Complete Latest Update 20242025

ICAEW Assurance, Questions and answers, rated A+ Reasonable Assurance - -Positive opinion, intrusive, high audit risk as providing more definite opinion Limited Assurance - -Negative opinion, less intrusive low audit risk Required Assurance by Regulators - -Statutory audit, bank audits, pension scheme audits, charity audits, solicitor audits Voluntary Assurance - -Environmental audit, Due diligence, Internal audit, Fraud investigations, Internal control reports Companies Act 2006 re...

ICAEW AA Chapter 7- Planning ISA300 - planning audit - correct answer Time wasted doing wrong - inefficient Really important work might not be done at all- not prioritizing key work Wrong conclusion may be drawn Audit Strategy - correct answer Background information required to an effective audit- formulation of general strategy which considers materiality risk audit approach experts timing team budgets and deadlines of audit - guides the development of audit plan Audit plan - corr...

ACA ICAEW ACCOUNTING Exam Questions With 100% Correct Answers Latest 2024/2025. Books of Original Entry - ANSWER 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 - ANSWER SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - ANSWER Income and expenses over a period of time The Business entity concept - ANS...

Summary ICAEW Business Planning Taxation - BPT Open Book Notes 2024 (Achieved 89%) - ACA Professional Level

Porter's 5 forces model, what is the purpose and what are the elements? - correct answer Analyses the competitive aspect of the task environment: - Bargaining power of suppliers - Threat of substitute products or services - Bargaining power of customers - Threat of new entrants - Rivalry among existing firms In terms of the management process, what does leading involve? - correct answer Concerned with generating effort and commitment towards meeting objectives What are the diff...

Books of Original Entry Correct Answer: 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 Correct Answer: SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss Correct Answer: Income and expenses over a period of time The Business entity concept Correct Answer: Business transactions should be kept s...

Principles of TAX ICAEW, Exam Review Questions and answers, rated A+ What does the property value have to be above where there is additional rent? - -£75,000 How many years does the property have to be owned by the employer before given to the employee, for it to be valued at Market Value & not the orginal cost? - -MORE THAN 6 years What % does the use of assets have to be used for private use to be deemed as insignificant ? - - 40% For Car benefit, what is the maximum contribution the...

ICAEW - BTF - Chapter 1 - Intro to Business Question and answers correctly solved 2024 What is an organization? - correct answer A social arrangement for the controlled performance of collective goals, which has a boundary separating it from its environment. Explain what is meant by 'social arrangement' - correct answer Individuals gathered together for a purpose Explain what is meant by 'controlled performance' - correct answer Performance is monitored against the goals and adjus...