Business Accounts Flashcards
When is a company’s default accounting date?
The last day of the month in which anniversary of its incorporation falls.
Within how many months of the end of the ARP must a private company file its accounts at CH?
Within nine months.
Within how many months of the end of the ARP must a public company file its accounts at CH?
Within 6 months.
What is a profit appropriation statement?
An intermediate step in preparing the Balance Sheet, for partnerships/LLPs. This shows how profits are divided between partners.
What does the called-up share capital account represent on a Balance Sheet?
The nominal amount on each class of share issued.
What is a revaluation reserve on a balance sheet?
It represents the notional profit to the company from the rise in value of a non-current asset. It is unrealised until the asset is sold.
In what account on a company Balance Sheet will a dividend be recorded?
A capital account.
