Chapter 14: Company Accounts Flashcards
1
Q
To whom must the company documents be delivered to?
A
The Registrar of Companies
2
Q
What must all companies produce annually?
A
- A balance sheet and income statement
3
Q
What documents must large companies provide shareholders with?
A
- Comprehensive income statement
- Auditor’s report
- Director’s report
- Cash-flow statement
- Changes in equity
4
Q
To be small sized, a company must fullfill:
A
2/3 of
* Turnover <19,2
5
Q
Total Assets calculation
A
Total Assets = Equity + Liabilities
6
Q
What are non-current assets
A
- the long-term assets of a company
7
Q
Non-current assets categories
A
- intangible, tangible and investments
8
Q
Intangible non-current assets
A
- Will generate future revenue but have no physical substance
ex. patents
9
Q
How is the loss of value over usable life reflected for intabgible non current assets
A
- though amortisation
10
Q
How is goodwill measured?
A
The difference between:
* the fair value of purchase consideration paid
* the fair value of the acquired business’ identifiable assets and liabilities
11
Q
Tangible non-current assets. What they are + how value is reduced over time
A
- long-term assets with physical substance
- the value is reduced by depreciation
12
Q
Current assets
A
- short-term assets of a company
