Acca Study guides, Class notes & Summaries

Account correct answer: A location where all items relating to one particular group are recorded. For example cash items are recorded in the cash account. Account code correct answer: A unique group of numbers and/or letters that is used to identify an item and classify it into a particular group. Accounts receivable correct answer: These are accounts for customers who are given credit terms - ie they have the goods in advance of payment. They then owe the business money and this money ...

ACCA SBR 2023 Exam Questions with Complete Solutions What if not followed IAS or IFRS? - ANSWER Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? - ANSWER Principles harder to circumvent Why have a FRAMEWORK? - ANSWER Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information - ANSWER RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION =...

Dividends correct answer: Are appropriations of profit after tax Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year -in mid year, after the half-year financial results are known, the company might pay an interim dividend -at the end of the year, the company might declare a further final dividend Interim dividend correct answer: Dividends declared and paid during the year -declared: Debit retained earnings Credit divi...

ACCA - SBL EXAM LATEST UPDATE ...

ACCA F6 Exam Questions and Answers All Correct Furnished Holiday Lettings - definition - ANSWER Commercial intent Available >210 days Actually let >105 days Long-term occupation (>31 days) <155 days Furnished Holiday Lettings - Benefits - ANSWER UK or EEA Income = earnings Rollover relief Entrepreneurs Relief Gift Relief Loss Relief - c/f against FHL Capital Allowance on furniture Rent-a-Room relief - ANSWER £7,500 exempt Landlords mai...

CHAPTER 4 - PROFESSIONAL ETHICS AND QUALITY CONTROL PROCEDURES correct answer: ° Professional ethics and ACCA code of ethics and conducts ° obtaining, accepting and continuing audit engagements Ethics correct answer: Ethics can be described as moral principles that govern a persons or groups behavior. Professional ethics Professional codes of ethics correct answer: relate to the standard of behavior expected from professional people. What is the current guidance on ethics for AC...

ACCA F2 Kit Exam Questions with Correct Answers 1 Which of the following statements about qualities of good information is false? A It should be relevant for its purposes B It should be communicated to the right person C It should be completely accurate D It should be timely - Answer-C Complete accuracy is not necessarily an essential quality of good information. It needs to be sufficiently accurate for its purpose, and often there is no need to go into unnecessary detail for pointless a...

ACCA F1/FBT/BT *Question Bank*

ACCA - Audit and Assurance (AA) Questions With Complete Solutions

ACCA Test Questions with Correct Answers predecessors - Answer-someone or something that came before in conjunction with - Answer-together with to designate - Answer-to indicate, point out; to appoint; selected but not yet installed To converge - Answer-To move toward one point, to approach relative nearness discretion - Answer-good sense default classification - Answer-standard typical classification come to mind - Answer-in my head in essense - Answer-basic real nature of...