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ACCA Financial Reporting Exam Study Guide IAS 1 Presentation of Financial Statements - ANSWERStates that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) - ANSWERTangible assets held by an entity for more than one accounting period for use in...

ACCA Financial Reporting 2019 (F7) Exam Study Guide Solutions Income - ANSWERIncome is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Expenses - ANSWERExpenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabiliti...

ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers What does the financial account include ? ( 5 main documents ) - ANSWER-Statement of cash flows -Statement of changes in equity -Statement of financial position -Notes -Statement of profit and loss Which accounting bodies help reduce the differences in the way that companies draw up their financial statements in different countries ? - ANSWERThe international accounting standar...

ACCA FBT/BT/FAB/AB/F1 Syllabus Section C Practice Questions and Answers Purpose of accounting information - ANSWERAccounting is a way of recording, analysing and summarising transactions of a business. Accounts are produced to aid management in planning, control and decision-making, and to comply with statutory regulations. Factors that influence the accounting system - ANSWER- Organisation *size* - *Type* of organisation - Organisation *structure* Users of Financial Information - ANSWE...

ACCA FA-Interpretation of financial statements, Ratios Study Guide Solutions Gross Profit Margin - ANSWERGross profit/sales revenue x 100 Operating Profit Margin - ANSWEROperating profit / sales revenue x 100 Current Ratio - ANSWERcurrent assets/current liabilities Quick/Acid Ratio - ANSWER(Current Assets - Inventory) / Current Liabilities Asset Turnover - ANSWERRevenue/Capital employed Inventory holding period - ANSWERInventory/ Cost of sales X 365 Trade receivables collection period - ...

ACCA FA Practice & Revision Kit Study Questions and Answers 1.1 Who issues International Financial Reporting Standards? A The IFRS Advisory Committee B The stock exchange C The International Accounting Standards Board D The government - ANSWERC The role of the IASB is to develop and publish International Financial Reporting Standards. 1.2 Which groups of people are most likely to be interested in the financial statements of a sole trader? 1 Shareholders of the company 2 The business...

ACCA F7 - The Conceptual Framework Exam Practice Questions and Answers Advantages of the conceptual framework? - ANSWER• Standardised consistent accounting practices, • Standards are less subject to political pressure • Consistent methodology used • Avoids reactionary approach to setting standards Disadvantages of the conceptual framework? - ANSWER• Needs of all users cannot be considered • Different users may require different conceptual • May hamper development What does...

ACCA F3 (Chapter 2 Study Guide Solutions financial reporting - ANSWERis a way of recording, analysing and summarising financial data financial data - ANSWERsales of goods, purchases of goods, payment of goods Sole trader - ANSWERbusiness owned and operated by one person, perhaps employing one or two assistants In law sole trader is not legally separate from business they operate A sole trader must maintain financial records and produce financial accounts. However, there is no legal requir...

ACCA F7 - 15. Taxation Exam Questions and Answers Definition of current tax? - ANSWERIncome taxes payable/recoverable relating to a periods taxable profit or lossIr. Current tax unpaid for current and prior periods is recognised as what? - ANSWERA liability Current Tax paid in excess of amounts due are recognised as what? - ANSWERAn asset I.e. a provision of £60,000 is required for income tax on profits for YE 31/12/2018. Balance of current tax in TB sits at Credit balance of £850. Wha...

ACCA F7 Exam Practice Questions and Answers How is revenue treated that is receivable 2 years after the goods are delivered? - ANSWERThe amount of revenue initially recognised is the amount receivable discounted to present value. Interst is then applied to the receivable as interest income over 2 years IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? - ANSWERFair value with changes going through pro...