C1 - Introduction Flashcards
1
Q
Who has the statutory duty to prepare the accounts for a limited company?
A
Directors of the company
2
Q
If there has been a change in VAT rates which hasn’t been implemented, who is responsible??
A
All directors of the company
3
Q
Who is responsible for choosing the accounting policies to use for the company?
A
Directors
4
Q
What does an auditor do??
A
Make recommendations or give advice on a company’s financial statements. They can not force a company make changes to their statements but they have a legal duty to report the issue/mistake.
