chapter 7 Flashcards
1
Q
what are the underlying assumptions used in ifrs
A
accrual basis
going concern
2
Q
what is the current uk gaap
A
uk generally accepted accounting principles
frs 102
based on the ifrs for sme’s
3
Q
what is accrual basis
A
the effect of transactions and other events are recognised when they occur, not as cash is received or paid
4
Q
what is going concern
A
financial statements are prepared on the basis that an entity will continue in operation for the foreseeable future
5
Q
what does the balance sheet comprise of
A
assets, liabilities and equity
6
Q
what does the income statement comprise of
A
income and expenditure
7
Q
A
