Acocunting Pricniples And Prcodures

Question 1

IAS

Answer 1

International accounting standards

Question 2

Companies act 2006

Question 3

GAAP

Answer 3

Generally accepted accounting principles - vary by region with specific standards

Question 4

What is a balance sheet

Answer 4

Assets and liabilities

Question 5

Profit and loss account

Answer 5

Outlines incoming costs and outgoing costs and the resulting profit or loss

Question 6

Cash flow

Answer 6

Shows cash in and out
Built up from programme and contractors costs