Accountintg Principled And Procedurs

Question 1

What do the contents of a set of public limited company accounts include

Answer 1

Chairmen statement
Independent auditor report
Income statement (profit and loss)
Statement of financial position
Corporate governance report
Remuneration report
Other statutory information

Question 2

Balance sheets

Answer 2

Is a statement of the businesses financial position showing its assets and liabilities at a given date.

Question 3

What is Profit and loss accounts (income statement).

Answer 3

Is a summary of the businesses income and expenditure transactions, prepared on an annual basis.

Question 4

Audited accounts

Answer 4

Are prepared by a chartered or certified accountant

Question 5

IFRS 16

Answer 5

Is a lease accounting standard companies must comply with when using the international financial reporting standards.

Question 6

What does a consolidated set of accounts comprise of ?

Answer 6

A number of individual subsidiary accounts for a company within a single set of accounts.

Question 7

What is a cash flow statement

Answer 7

A cash flow statement is a statement which shows all the actual receipts and expenditure to include VAT.

Question 8

What do assets and liabilities include ?

Answer 8

Assests can include cash, property, debtors and other investments

Liabilities can include borrowings, overdrafts, loans and creditors