Accounting

Question 1

Please describe to me what a balance sheet is

Answer 1

They show a businesses financial position, which show its assets and liabilities at a given date

Question 2

What contents would you see in a Public Limited Account?

Answer 2

Chairman’s statement

Independent Auditors report

Profit and Loss Account

Balance Sheet

Corporate Governance Report

Other statutory information

Question 3

What does a profit and loss account show you?

Answer 3

It shows a summary of the business income and their expenditures (usually prepared for on an annual basis)

Question 4

Please describe to me, what a management and audited account is?

Answer 4

Management accounts are prepared for by the business themselves for internal use, whereas an audited account is prepared by chartered accountants

Question 5

Are there any accountancy changes that have happened which could effect occupiers property liabilities?

Answer 5

IFRS 16 - which is accounting for leases.

Question 6

Tell me what you know about IFRS 16?

Answer 6

Rent paid by occupiers needs to be recognised as a liability.

Question 7

Are services charges included in the IFRS 16?

Answer 7

No, they are accounted for seperately.