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ACCA FR CBE Final Mock Exam Marking Scheme and Suggested solutions|2025 Update.

This document provides a comprehensive overview of Corporate and Business Law, designed specifically for ACCA students. It covers the fundamental principles governing company law, contract law, and employment law, with an emphasis on legal frameworks that influence business operations. Key topics include the incorporation process, corporate governance, directors' and shareholders' rights, regulatory compliance, and ethical responsibilities in business law. The document also explores areas ...

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 GAAP? -...

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 - Audit and Assurance (AA) Exam Study Guide Objective of an external audit - ANSWERThe objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. An audit of financial statements is an example of an assurance engagement. Advantages of a non-statutory audit - ANSWERIt can provide a means of settling accounts between ...

ACCA, FIA, MA1 - Lesson 2 Study Guide Solutions An accounting system that operates a single set of ledgers is referred to as an - ANSWERintegrated system Financial accounting - ANSWER- Financial accounting is the systematic recording, reporting, and analysis of the financial transactions of a business - The focus is on the recording of historical (past) transactions. Some organisations (particularly those involved in manufacturing) traditionally operate two separate accounting ledgers - ...

ACCA Strategic Business Reporting (UK) Exam Study Guide The code of ethics and conduct - ANSWER• Integrity • Objectivity • Professional Competence and Due Care • Confidentiality • Professional behaviour Consequences of unethical behaviour - ANSWERThe consequences for individuals include: • Fines • The loss of professional reputation • Being prevented from acting as a director or officer of a public company in the future • The possibility of being expelled by a profes...

ACCA SBR: IFRS Standards Exam Questions and Answers What is the standard relating to adopting IFRS standard for the first time and from when does it apply? - ANSWERIFRS 1 From the date of transition What must an entity do/produce when adopting IFRS standards for the first time (IFRS1)? - ANSWERProduce an opening SFP where they must: - recognise, derecognise & measure assets/liabilities according to IFRS - put any gain/losses @ transition date to RE What standard refers to business combi...

ACCA P2 IFRS/ IAS STUDY TERMS WITH DEFINITIONS IAS 1 - ANSWERPresentation of Financial Statements IAS 2 - ANSWERInventories IAS 7 - ANSWERStatement of Cash Flows IAS 8 - ANSWERAccounting Policies, changes in accounting estimates and errors IAS 10 - ANSWEREvents after the reporting period IAS 12 - ANSWERIncome Taxes IAS 16 - ANSWERProperty, Plant & Equipment IAS 17 - ANSWERLeases IAS 19 - ANSWEREmployee benefits IAS 20 - ANSWERAccounting for government grants and disclosure of governme...