1 intro to accounting

Question 1

3 sum of all assets cals

Answer 1

assets = liabilities + equity
assets - liabilities = equity
net assets = equity

Question 2

5 ISEBA code of ethics for accountants fundamental principles

Answer 2

integrity, objectivity, professional competence, confidentiality, professional behaviour (PIPCO)

Question 3

2 types of relevance (if it makes a difference to users decision)

Answer 3

predictive value - future
confirmatory value - current

Question 4

3 types of faithful representation

Answer 4

complete
neutral/unbiased
free from error - materiality

Question 5

4 types of enhancing qualitative characteristics

Answer 5

CVTU comparability, verifiability, timeliness, understandability