Accounting Principles Level 1 Flashcards
What are the three types of financial statement that you may come across relating to a company?
What is an asset / liability?
What is an example of :
An asset
A liability
What is the difference between financial and management accounts?
What do you understand by the term Generally Accepted Accounting Principles (GAAP)
How do companies know which reporting framework to comply with?
How would you assess the financial strength of an entity, eg for a valuation?
Can you tell me about a common financial measure?
What is the acid test?
What is ROCE ?
What is working capital ratio?
What is gearing ratio?
What is net assets per share?
What is the role of an auditor?
When are audited accounts needed and why?
How do public limited company accounts differ?
Tell me something you understand from Companies Act 2006?
Tell me what it means to prepare accounts in accordance with IFRS
What is the difference between UK GAAP and IFRS 16?
What is the basis of valuation under IFRS 13?
What is fair value?
What has changed in relation to lease accounting/ IFRS 16?
When did the changes in relation to lease accounting/ IFRS 16 come into effect?
What is FRS 102
What changes have been made to FRS 102?
How have the changes to FRS 102 impacted on investment property?
What are statutory accounts?
Why is good financial record keeping important to you?
Tell me three ways you ensure that client’s money is handled properly
What RICS guidance or Schemes do you adhere to in handling client money?
Explain your understanding of the VAT domestic reverse charge for building and construction services?
When do changes to the reverse charge apply from?
What is the impact of the reverse charge on VAT accounting?
Is VAT included in a balance sheet or a profit and loss account?
how do you account for the impact of inflation when reporting to clients?
What were the key aspects of accounting that you have learned?
What are different types of accounts?
What documents are included in company accounts?
How do company accounts impact you in your role?
how does your cashflow support the client?
What requirements does companies house define?
What accounting skills do you need to complete your role?
