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ICAEW Accounting > Chapters 2/3 > Flashcards

Chapters 2/3 Flashcards

1
Q

Accounting equation

A

Assets = Capital + Liabilities

Assets = (opening cap + profits - drawings) + liabilities

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2
Q

Elements of financial statements according to IASB’s Conceptual Framework

A 
Income
Expenses
Assets 
Liabilities
Equity
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3
Q

Source documents

A
  • Invoices (all) = source documents for credit transactions
  • Credit notes (negative invoices)

NOT debit notes

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ICAEW Accounting (3 decks)

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