ICAEW ACA Accounting Exam fully solved & updated 2025(latest version verified for accuracy)| 2026 Latest!!

ICAEW ACA Accounting Exam fully solved & updated
2025(latest version verified for accuracy)| 2026 Latest!!



Accounting equation


Assets = Liability + Capital


Cost of Sales/Inventory Equation


Opening inv. + Purchases - Closing inventory


Types of discounts


• Trade (Bulk Buy)
• Early settlement (Prompt)


Total Staff Costs Equation


Gross salaries + Employer's NICs


Components of Gross Salary


• Net Salary
• Income tax (PAYE)
• National Insurance

,Conceptual Framework


Sets out the concepts that underline the preparation & presentation of
financial statements.


Objective of Financial Statements




To provide information about the reporting entity, that is useful to a
wide variety of users in making economic decisions about an entity.

Qualitative characteristics of Conceptual Framework




• Relevance
• Faithful Representation

, Ways of enhancing Qualitative characteristics


• Comparability
• Verifiability
• Timelines
• Understandability


Accruals concept


It requires that transactions and events are recognised when they
occur, not when cash is received or paid.


Going concern concept


• The entity is viewed as continuing its operations for the foreseeable
future.
• Assumption that there is no intention or necessity to liquidate
or curtail materially its operations.