ICAEW ACA Accounting | Most Recent Exam 2026 Actual
Complete Real Exam Questions And Correct Answers
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IFAC Code of Ethics
1. Integrity
2. Objectivity
3. Professional Competence and Due Care
4. Confidentiality
5. Professional Behavior
Accounting Equation
Assets = Capital + Liabilities
same:
Assets - Liabilities = Capital + Profit - Drawings
ICAEW Code of Ethics
- Demonstrate highest standards of professional conduct and take
public interest into consideration
- Maintain reputation of accounting profession
,Payroll cost
Total Payroll cost = Gross Pay + Employer NI + Employer Pension
, Net Pay by Employer
Gross Pay
- Employees NI
- PAYE
= Net Pay
Trial Balance Definition
A list of balances from each ledger account split into debits and credits
Cost of sales [function]
Opening inventory + Purchases + Carriage Inwards - Closing Inventory
Carriage Inwards vs. Outwards
Carriage inwards: added to cost of purchases therefore included in
COS and Gross Profit
Carriage outwards: distribution cost deducted from gross profit in
Statement of Profit and Loss
Net Realizable Value
NRV of an item is net selling proceeds after all cost needing to be
incurred to sell item have been deducted
Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ |Guaranteed
Success!! Newest Exam | Just Released!!
IFAC Code of Ethics
1. Integrity
2. Objectivity
3. Professional Competence and Due Care
4. Confidentiality
5. Professional Behavior
Accounting Equation
Assets = Capital + Liabilities
same:
Assets - Liabilities = Capital + Profit - Drawings
ICAEW Code of Ethics
- Demonstrate highest standards of professional conduct and take
public interest into consideration
- Maintain reputation of accounting profession
,Payroll cost
Total Payroll cost = Gross Pay + Employer NI + Employer Pension
, Net Pay by Employer
Gross Pay
- Employees NI
- PAYE
= Net Pay
Trial Balance Definition
A list of balances from each ledger account split into debits and credits
Cost of sales [function]
Opening inventory + Purchases + Carriage Inwards - Closing Inventory
Carriage Inwards vs. Outwards
Carriage inwards: added to cost of purchases therefore included in
COS and Gross Profit
Carriage outwards: distribution cost deducted from gross profit in
Statement of Profit and Loss
Net Realizable Value
NRV of an item is net selling proceeds after all cost needing to be
incurred to sell item have been deducted
