Accounting Principles and Procedures Flashcards
AI SoE: Could you provide an overview of the main financial statements you’re familiar with, such as balance sheets, profit and loss income statements, and cash flow statements?
AI SoE: How do you recognize the role of an auditor in relation to financial statements, and how does the auditor ensure compliance with adopted accounting principles like UK GAAP?
AI SoE: Could you elaborate on the differences in treatment of investment property under accounting principles and how accounts need to be prepared to accommodate these changes?
AI SoE: In your understanding, what specific considerations are important when preparing accounts for investment properties to align with accounting principles?
AI SoE: How has completing the ‘Accounting Principles and Procedures’ E-learning module on the RICS Online Academy contributed to your understanding of financial statements and accounting principles?
AI SoE: Can you provide examples of situations where your knowledge of accounting principles, including UK GAAP and treatment of investment property, positively impacted your work?
AI SoE: How do these accounting principles and your knowledge of them enhance your ability to contribute effectively to financial decision-making within your professional role?
AI SoE: Have you encountered any challenges related to implementing accounting principles, and how have you navigated them?
AI SoE: How do you envision leveraging your understanding of accounting principles in future projects or responsibilities?
AI SoE: Looking ahead, how do you plan to stay updated with evolving accounting standards and continue refining your expertise in financial statements and principles?
What are the main financial statements?
What is a balance sheet?
What is a profit and loss income statement?
What is a cash flow statement?
What is the role of the auditor?
