Accounting principles and procedures

Question 1

You mention financial accounts, what financial framework would you adhere to

Answer 1

Intenational Financial Reporting Standards

Question 2

What are company accounts

Answer 2

A report produced annually at the companies year end
Comprises of:
Profit and loss
Balance sheet

Question 3

What is a profit and loss account

Answer 3

Income less expenditure

Question 4

What is a balance sheet

Answer 4

Summary of financial balances ie assets and liabilities

Question 5

Where do company accounts get submitted to

Answer 5

HMRC for Corporation Tax
Companies House within 9 months of yr end