6.1 Public Interest in Financial Infomation

Question 1

professional?

Answer 1

a person who professes to have a skill resulting from a coherent course of study and training based on professional values. And who continues to enhance those skills by experience and continuing professional education.

Question 2

accouting profession?

Answer 2

measurement, disclosure or provision of assurance about financial information that helps managers,investors tax authorities and other decision makers make resource allocation decisions.

Question 3

2 parts of accouting profession?

Answer 3

Assurance

Financial reporting

Question 4

three basic asppects of an accoutnats work?

Answer 4

maintaining control adn safegaurd
financial management
financcial reporting

Question 5

what are the 4 ways of maintaining control and safegaurding assets/

Answer 5

recordinf transactions is complete, timely and accurate
IC sufficient
Audit committee
NEDs

Question 6

Financial managment

Answer 6

the managment of all purposes assocated with the raising and use of financial resources in a business

Question 7

Financial reporting?

Answer 7

Income satement
state of finacial position
cashflow statement

the transactions and activities of the business as represented in accounting records just be reported external stakeholders.

Question 8

What are the accouting principles? MASCOT +GFP

Answer 8

Accurals basis
going concern
faithful representation (accuracy/completeness)
Substance over form
Materiality
Prudence
timliness
consistency
offsetting

MASCOT + GFP

Question 9

What are the two types of accouting standards?

Answer 9

Interational

UK

Question 10

exmaplles of nternatioal accouting standards?

Answer 10

IAS
IFRS
IASB

Question 11

Examples of UK standard?

Answer 11

FRS (FRS102)