ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A
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Course
ACA [ICAEW] – ACCOUNTING
Institution
ACA [ICAEW] – ACCOUNTING
ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry 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 SOFP - Snapshot of assets controlled, liabilities...
ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry ✔✔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 ✔✔SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss ✔✔Income and expenses over a period of time The Business entity concept ✔✔Business transactions should be kept separate from the personal transaction of the owner Qualitative characterist ics of financial information ✔✔Two fundamental concepts 1. Relevance [Assists users in evaluating past and predicting future events + Materiality] 2. Faithful Representation [Neutral; Free from Error; Complete] Four Enhancing Characteristics 1. Verifiabil ity [Can be proven] 2. Timeliness [In time to influence decisions of users] 3. Understandability [Readily understandable by people with reasonable knowledge] 4. Comparability [Consistency] Accrual basis of accounting ✔✔- Items recognized as assets, liabil ities, equity, income and expenses (elements of FS) when they satisfy definitions and recognition criteria for those elements in conceptual framework - Transactions recognized when they occur !! Income earned must be matched against the expenditure incurred in earning it Accrual Concept ✔✔Effects of transactions reognized when they occur - not when cash received/paid
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