ICAEW ACA Accounting Exam Complete Latest
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NRV of an item is net selling proceeds after all cost needing to be incurred to
sell item have been deducted
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1 Books of Original Entry 2 Net Realizable Value
Qualitative characteristics of financial
3 Trial Balance Definition 4
information
Don't know?
Terms in this set (50)
, Books of Original Entry 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 SOFP
- Snapshot of assets controlled, liabilities owned
and capital at a point in time
Statement of Profit and Loss Income and expenses over a period of time
The Business entity concept Business transactions should be kept separate from
the personal transaction of the owner
Qualitative characteristics of financial Two fundamental concepts
information 1. Relevance [Assists users in evaluating past and
predicting future events + Materiality]
2. Faithful Representation [Neutral; Free from Error;
Complete]
Four Enhancing Characteristics
1. Verifiability [Can be proven]
2. Timeliness [In time to influence decisions of
users]
3. Understandability [Readily understandable by
people with reasonable knowledge]
4. Comparability [Consistency]
Update Questions & Answers
Save
Practice questions for this set
Learn 1 /7 Study with Learn
NRV of an item is net selling proceeds after all cost needing to be incurred to
sell item have been deducted
Choose an answer
1 Books of Original Entry 2 Net Realizable Value
Qualitative characteristics of financial
3 Trial Balance Definition 4
information
Don't know?
Terms in this set (50)
, Books of Original Entry 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 SOFP
- Snapshot of assets controlled, liabilities owned
and capital at a point in time
Statement of Profit and Loss Income and expenses over a period of time
The Business entity concept Business transactions should be kept separate from
the personal transaction of the owner
Qualitative characteristics of financial Two fundamental concepts
information 1. Relevance [Assists users in evaluating past and
predicting future events + Materiality]
2. Faithful Representation [Neutral; Free from Error;
Complete]
Four Enhancing Characteristics
1. Verifiability [Can be proven]
2. Timeliness [In time to influence decisions of
users]
3. Understandability [Readily understandable by
people with reasonable knowledge]
4. Comparability [Consistency]
