Financial accounting acca - Study guides, Class notes & Summaries

Financial Accounting correct answer: The production of financial statements for external users. They are public documents and will not include details about individual products' profitability etc. Management accounting correct answer: Management require much more detail and up-to-date information in order to control the business and plan for the future. MA is concerned with identifying, presenting and interpreting information used for: - Formulating strategy - Planning and controlling a...

ACCA - F7 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS 2024 What are the Pros and Cons of a reporting framework? - Correct Answer *Pros* Avoids "patchwork" approach Avoids criticism of political & external pressure Standards can be focused where needed (SOPL, SOFP) *Cons* -Reporting has multiple users/industries etc. One framework may not fit all cases -Different Standards may be needed -Actual implementation of a framework may still be difficult What are some sources of GA...

ACCA Practice Test Questions with Correct Answers Accountability of Internal audit - ANSWER CC 1 access all parts of th organization 2auditor can freely comment the performance of managent 3should be actioned at th highest level to ensure its effectice implementation Absolution - ANSWER FC one set of ethic rules should fits in all cultures without exception Accounting - ANSWER CC 1the transactions: book of primary entry 2analysed and posted to ledger 3sum...

ACCA 2023 Exam Questions with Correct Answers Accountability of Internal audit - Answer-CC090309 1 access all parts of th organization 2auditor can freely comment the performance of managent 3should be actioned at th highest level to ensure its effectice implementation Absolution - Answer-FC one set of ethic rules should fits in all cultures without exception Accounting - Answer-CC080101 1the transactions: book of primary entry 2analysed and posted to ledger 3summarised in financia...

This document contains all formulas required for ACCA F9 FINANCIAL MANAGEMENT paper. cost of equity, investment appraisal, weighted average cost of finance, all complex topics are covered and explained. all formulas compiled in one place.

ACCA F3 2023 Exam Questions with All Correct Answers 1 Which of the following statements is true? A The directors of a company are liable for any losses of the company B A sole trader business is owned by shareholders and operated by the proprietor C Partners are liable for losses in a partnership in proportion to their profit share ratio D A company is run by directors on behalf of its members - Answer-D A company is run by directors on behalf of its members 2 Which of the following ...

ACCA F3 Exam Questions with Complete Solutions Which of the following statements is true? A The directors of a company are liable for any losses of the company B A sole trader business is owned by shareholders and operated by the proprietor C Partners are liable for losses in a partnership in proportion to their profit share ratio D A company is run by directors on behalf of its members - ANSWER D A company is run by directors on behalf of its members 2 Which of the followin...

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards B) The cost of the IASB to regulate compliance with many national accounting standards C) The reduction in effectiveness of the international m...

Transaction Analysis - Answer Process of identifying transactions, indicating affected accounts, determining increase or decrease, and using debit/credit rules for recording. Accounting Cycle - Answer Series of sequential steps in the accounting process. General Journal - Answer Records transaction effects using Debit and Credit. Posting - Answer Transferring journal amounts to appropriate ledger accounts. General Ledger - Answer Groups accounts to summarize transactions for financial state...

ACCA F3 Exam Questions and Answers All Correct Financial reporting - Answer-is a way of recording, analysing and summarising financial data. For-profit entities of whatever size or nature exist - Answer-to make a profit. Not-for-profit entities exist - Answer-for the achievement of specific objectives rather than to make a profit. Profit - Answer-is the excess of income over expenditure. When expenditure revenue, the business is running at a loss. A sole tradership - Answer-is a bu...