ACA [ICAEW] – ACCOUNTING STUDY
GUIDE.
Books of Original Entry - answer1. 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 - answerSOFP
- Snapshot of assets controlled, lia...
Accrual basis of accounting - answer✔- Items recognized as assets, liabilities, 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 - answer✔Effects of transactions reognized when they occur - not when cash
received/paid
IFAC Code of Ethics - answer✔1. Integrity
2. Objectivity
3. Professional Competence and Due Care
4. Confidentiality
5. Professional Behavior
Accounting Equation - answer✔Assets = Capital + Liabilities
same:
Assets - Liabilities = Capital + Profit - Drawings
ICAEW Code of Ethics - answer✔- Demonstrate highest standards of professional conduct and take
public interest into consideration
Trial Balance Definition - answer✔A list of balances from each ledger account split into debits and
credits
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