Acca financial reporting Study guides, Class notes & Summaries

CPCE Study Guide 1945 Questions with Answers 2023 The Sensorimotor period is part of whose developmental stage theory? - CORRECT ANSWER Piaget Presenting stimuli in different sequences to reduce "order of presentation" influences in an experiment is called: - CORRECT ANSWER Counterbalancing The Eskimo word "piblokto" refers to "arctic hysteria," characterized by uncontrolled screaming and crying that is often accopanied by running through the snow naked. This is an example of what kin...

IAS 1 Presentation of Financial Statements correct answer: States 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) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

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...

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...

IAS 1 Presentation of Financial Statements - Correct Answer States 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) - Correct Answer Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

IAS 1 Presentation of Financial Statements correct answer: States 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) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

How is revenue treated that is receivable 2 years after the goods are delivered? 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)? Fair value with changes going through profit or loss What are acceptable methods of accounting for a g...

ACCA Practice Test Questions with Correct Answers Accountability of Internal audit - ANSWER CC 1 access all parts of th organization 2auditor can freely comment the performance of managent 3should be actioned at th highest level to ensure its effectice implementation Absolution - ANSWER FC one set of ethic rules should fits in all cultures without exception Accounting - ANSWER CC 1the transactions: book of primary entry 2analysed and posted to ledger 3sum...

ACCA F3 Exam Questions and Answers All Correct Financial reporting - Answer-is a way of recording, analysing and summarising financial data. For-profit entities of whatever size or nature exist - Answer-to make a profit. Not-for-profit entities exist - Answer-for the achievement of specific objectives rather than to make a profit. Profit - Answer-is the excess of income over expenditure. When expenditure revenue, the business is running at a loss. A sole tradership - Answer-is a bu...

Revision notes summarised for financial reporting F7 ACCA KAPLAN textbook notes, concise, contains all topics, enough to pass exam. all IFRS (standards) compiled in one document.