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Summary ICAEW Business Planning Taxation - BPT Open Book Notes 2024 (Achieved 89%) - ACA Professional Level £10.20   Add to cart
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Summary ICAEW Business Planning Taxation - BPT Open Book Notes 2024 (Achieved 89%) - ACA Professional Level
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Summary ICAEW Business Planning Taxation - BPT Open Book Notes 2024 (Achieved 89%) - ACA Professional Level

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  • February 21, 2024
  • 16
  • 2023/2024
  • Summary

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  • summary icaew business planning taxation bpt ope

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ICAEW ACA Accounting

1. Accounting: A way of recording, analysing and summarising

transactions of an entity.

2. Statement of Profit and Loss: It reflects the performance of a business

over a period of time.

3. Statement of Financial Position: It reflects the position of a business at

a point in time.

4. Users of Accounting: Any organisation/business/individual who needs

to keep track of their income, expenses, assets and liabilities.

5. Types of Business Entity: • Sole trader

•Partnership

•Limited Liability Companies

6. SOFP: A list of assets and liabilities of the business.

7. SPL: The revenue and expense of a business for the accounting period

8. Purpose of SOFP: To show the total value of the net assets of the

business at the end of a period.

9. Purpose of SPL: To show the amount of profit and loss that the

business has made during that period.

1/

,10.Stakeholders for financial information: • Managers/Directors

•Owners of the company

• Trade contracts

•Finance providers

• HMRC

11.Capital Expenditure: Expenditure which results in the acquisition of

non-cur- rent assets or an improvement or enhancement of their

earning capacity (>1yr) (NCA)

12.Revenue Expenditure: Expenditure which is incurred either for trade

purposes (e.g. items for resale) or to maintain the existing earning

capacity of non-current assets (e.g repairing)

13.Code of Ethics (IFAC): • Professional Behaviour

•Objectivity

•Professional Competence & due care

•Confidentiality

•Integrity

14.Business entity concept: A business is a separate entity from its

owner.

15.Capital: How much the business owes back to the owner.
2/

, 16.Year-end capital Equation: Bal. at start of year + net profit +

capital inj. - drawings

17.Share capital Equation: Bal. at start of year + Further investment in

shares by new stakeholders




3/

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