Acca Study guides, Class notes & Summaries

What are the two main type of business transactions correct answer: Cash or Credit. Debit correct answer: Is always on the left-side of the column Credit correct answer: Is always on the right-side of the column Debit To own/have AN ASSET INCREASES eg: new office furniture CAPITAL/A LIABILITY DECREASES eg: pay an account payable INCOME DECREASES eg: cancel a sale AN EXPENCE INCREASES eg: incur advertising cost Left hand side correct answer: CERDIT To owe AN ASSET DECR...

How is revenue treated that is receivable 2 years after the goods are delivered? correct answer: The 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)? correct answer: Fair value with changes going through profit or loss What are acce...

Main Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS Net Assets correct answer: Net assets = Total assets - Total liabilities Gross Profit formula correct answer: Gross Profit = Sales - Cost of Goods Sold COGS (Cost of Goods Sold) formula correct answer: Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory...

>>>>>> FRAMEWORKS What if not followed IAS or IFRS? correct answer: Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? correct answer: Principles harder to circumvent Why have a FRAMEWORK? correct answer: Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information correct answer: RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION = Complete, Ne...

Sole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. Partnership correct answer: this is similar to a sole trader in that the owners of the partnership share all the profits and have unlimited liability for the losses and debts of the business. The key distinction is that there are at least two owners. Limited Liability ...

Objective of an external audit correct answer: The 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 correct answer: It can provide a means of settling accounts between the partners. Where audited accou...

ACCA SBL Exam Questions with Correct Answers What structure for Ethical considerations? - Answer-Tucker's 5 Questions What structure for deciding strategy on public sector projects - Answer-Public Sector Portfolio Matrix ACCA - 5 Skills? - Answer-Commercial Acumen -Judgement - Awareness Analysis -Investigate -Enquire -Consider Communication -Inform -Persuade -Clarify Evaluation -Assess -Estimate -Appraise Scepticim -Probe -Question -Challange What model for...

Arkansas CCA Exam Questions with accurate answers, rated A+ Which is not a self pollinating crop? - -Corn is a cross pollinating crop ` When you drain a flooded rice field what happens to P uptake? - -Phosphorous becomes more available as water removes P from soil colloids moving it to soil solution The higher clay content the higher chances the P is attached back to soil colloids when water is removed Rice uses DD50 and Cotton uses DD60, what does the 50 and 60 represent? - -The 50...

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