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Icaew Aca Accounting With Complete Solutions 2024
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Icaew Aca Accounting With Complete Solutions 2024
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Icaew Aca Accounting With CompleteSolutions 2024
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
• Partnership
• Limited Liability Companies
SOFP Answer: A list of assets and liabilities of the business.
SPL Answer: The revenue and expense of a business for the accounting period.
Purpose of SOFP Answer: To show the total value of the net assets of the business at the end of a
period.
Purpose of SPL Answer: To show the amount of profit and loss that the business has made during
that period.
, Stakeholders for financial information Answer: • Managers/Directors
• Owners of the company
• Trade contracts
• Finance providers
•HMRC
Capital Expenditure Answer: Expenditure which results in the acquisition of non-current assets or an
improvement or enhancement of their earning capacity (>1yr) (NCA)
Revenue Expenditure Answer: 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)
Code of Ethics (IFAC) Answer: • Professional Behaviour
• Objectivity
• Professional Competence & due care
• Confidentiality
• Integrity
Business entity concept Answer: A business is a separate entity from its owner.
Capital Answer: How much the business owes back to the owner.
Year-end capital Equation Answer: Bal. at start of year + net profit + capital inj. - drawings
Share capital Equation Answer: Bal. at start of year + Further investment in shares by new
stakeholders
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