ICAEW/ACA Study guides, Class notes & Summaries

This document is a set of exam ready notes to be taken into the Business Planning: Taxation (BPT) ICAEW ACA Exam. Got 89% in BPT using these notes. They provide answers to all scenarios that could come up in the exam which can then be used in the open book exam and tailored to the specifics of the question. The answers discuss the tax implications and relief options. Please see below preview for all scenarios.

ICAEW ACA Law Question and answers 2024 verified to pass What is the difference between civil law and criminal law? civil law: claimant and defendant criminal law: prosecution and accused true or false: the party brining a civil case to court is known as the prosecution false what is the party in court who is charged with a criminal offence known as? the defendant To what contract would the UN Convention on Contracts for the International Sale of Goods (UNCISG) apply? the sa...

ICAEW ACA Accounting Exam Questions and Answers 100% Pass Accounting - Answer- A way of recording, analysing and summarising transactions of an entity. Statement of Profit and Loss - Answer- It reflects the performance of a business over a period of time. Statement of Financial Position - Answer- It reflects the position of a business at a point in time. Users of Accounting - Answer- Any organisation/business/individual who needs to keep track of their income, expenses, assets and liabi...

ACA [ICAEW] – ACCOUNTING EXAM QUESTIONS AND ANSWERS Books of Original Entry - Answer- 1. 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 - Answer- SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - Answer- Income and expenses over a period of time The Business entity concept - Answer- Business transac...

ICAEW ACA Accounting Exam Questions And Answers (Verified And Updated) Accounting - answerA way of recording, analysing and summarising transactions of an entity. Statement of Profit and Loss - answerIt reflects the performance of a business over a period of time. Statement of Financial Position - answerIt reflects the position of a business at a point in time. Users of Accounting - answerAny organisation/business/individual who needs to keep track of their income, expenses, assets and ...

ICAEW ACA Assurance Certificate Level Questions And Answers (Verified And Updated) What is the mnemonic for the 5 key elements of assurance engagements? - answerCREST What does CREST stand for? - answerCriteria, Report, Evidence, Subject Matter, Three Party Relationship How many levels of assurance are there? - answer2 What are the characteristics of a reasonable assurance? - answerMore detailed evidence, only used for statutory audits, gives a true and fair view, positive expression Wh...

ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers Definition: Assurance - answerAn assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - answer1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report ...

ICAEW ACA Law Actual Real Tested Questions And Correct Answers 100% When does UNCISG apply? ANSWER : When parties have their place of business in different states What is an obligation of the seller under the UNCISG? ANSWER : to deliver goods of quality set out in the contract deliver goods on time To comply with Sharia law, should savings and lending arrangements avoid payment of interest? ANSWER : yes Under sharia law, what is riba? ANSWER : the concept of unlawful gain What...

ICAEW ACA Law Actual Real Tested Questions And Correct Answers 100% What is the difference between civil law and criminal law? ANSWER : civil law: claimant and defendant criminal law : prosecution and accused True or false: the party brining a civil case to court is known as the prosecution ANSWER : false What is the party in court who is charged with a criminal offence known as? ANSWER : the defendant To what contract would the UN Convention on Contracts for the International ...

ICAEW – ACA Fundamental Dr/Cr Accounting Exam Review Questions and Answers 2023/2024 (generic) cash paid during the year in expense ledger - correct answer "dr expense Cr cash " (generic) cash paid received the year in income ledger - correct answer "dr cash Cr income " Calculate whether a closing accrual is required - correct answer "dr expense Cr accruals " Calculate whether a closing accrued income adjustment is required - correct answer "dr accrued income Cr inco...

ICAEW – ACA Equity sources and dividend policy and BPT Investment Exam Questions and verified Answers 2023/2024 What are the 3 main methods of raising the equity finance If a firm is looking to finance a project through equity - correct answer retained profits in which case dividends may be cut. Rights issues. New issues. What must you remember - correct answer that the cost of servicing the equity i.e. K.e will be the same regardless of the historic source of the funds. Why is this - c...

ICAEW - ACA - F.M Assessing financial risk and foreign trade Hedging Exam Questions and Answers 2023/2024 Foreign exchange risk - correct answer transaction risk Transaction risk - correct answer the risk that an exchange rate will change between the transaction date and the subsequent settlement date i.e. It is the gain or loss arising on conversion. What does transaction risk occur on - correct answer Imports and exports? Give an example of transaction risk on imports part 1 - correc...