1/10/26, 8:25 AM ICAEW ACA Accounting EXAM (updated 2026) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | …
ICAEW ACA Accounting EXAM (updated 2026)
Questions & Answers | Latest Already Graded A+
UPDATE 2025|2026
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Practice questions for this set
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Terms in this set (81)
Accounting A way of recording, analysing and summarising
transactions of an entity.
Statement of Profit and Loss It reflects the performance of a business over a
period of time.
Statement of Financial Position It reflects the position of a business at a point in
time.
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, 1/10/26, 8:25 AM ICAEW ACA Accounting EXAM (updated 2026) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | …
Users of Accounting Any organisation/business/individual who needs to
keep track of their income, expenses, assets and
liabilities.
Types of Business Entity • Sole trader
• Partnership
• Limited Liability Companies
SOFP A list of assets and liabilities of the business.
SPL The revenue and expense of a business for the
accounting period.
Purpose of SOFP To show the total value of the net assets of the
business at the end of a period.
Purpose of SPL To show the amount of profit and loss that the
business has made during that period.
Stakeholders for financial • Managers/Directors
information • Owners of the company
• Trade contracts
• Finance providers
•HMRC
Capital Expenditure Expenditure which results in the acquisition of non-
current assets or an improvement or enhancement
of their earning capacity (>1yr) (NCA)
Revenue Expenditure Expenditure which is incurred either for trade
purposes (e.g. items for resale) or to maintain the
existing earning capacity of non-current assets (e.g
repairing)
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ICAEW ACA Accounting EXAM (updated 2026)
Questions & Answers | Latest Already Graded A+
UPDATE 2025|2026
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Terms in this set (81)
Accounting A way of recording, analysing and summarising
transactions of an entity.
Statement of Profit and Loss It reflects the performance of a business over a
period of time.
Statement of Financial Position It reflects the position of a business at a point in
time.
https://quizlet.com/1128951796/icaew-aca-accounting-exam-updated-2026-questions-answers-latest-already-graded-a-update-20252026-flash-cards/… 1/11
, 1/10/26, 8:25 AM ICAEW ACA Accounting EXAM (updated 2026) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flashcards | …
Users of Accounting Any organisation/business/individual who needs to
keep track of their income, expenses, assets and
liabilities.
Types of Business Entity • Sole trader
• Partnership
• Limited Liability Companies
SOFP A list of assets and liabilities of the business.
SPL The revenue and expense of a business for the
accounting period.
Purpose of SOFP To show the total value of the net assets of the
business at the end of a period.
Purpose of SPL To show the amount of profit and loss that the
business has made during that period.
Stakeholders for financial • Managers/Directors
information • Owners of the company
• Trade contracts
• Finance providers
•HMRC
Capital Expenditure Expenditure which results in the acquisition of non-
current assets or an improvement or enhancement
of their earning capacity (>1yr) (NCA)
Revenue Expenditure Expenditure which is incurred either for trade
purposes (e.g. items for resale) or to maintain the
existing earning capacity of non-current assets (e.g
repairing)
https://quizlet.com/1128951796/icaew-aca-accounting-exam-updated-2026-questions-answers-latest-already-graded-a-update-20252026-flash-cards/… 2/11
