Final Accounts Preperation Flashcards
Who’s owns a sole trader?
An individual
Who owns a partnership?
Group of people
Who owns a limited liability partnership?
Members
Who own a limited company?
Shareholders
Who owns a charity?
Trustee
Who’s financial statements are private and not available to public?
Sole trader
Partnership
Who’s financial statements are available to the public through companies house?
Limited liability partnership
Limited company
Who’s financial statements are available to the public through Charity commission?
Charity
What are the accounting regulations for a Sole Trader?
- None
- financial statements are private and not available to public
What are the accounting regulations for a Partnership?
- Partnership Act, 1890
- Partnership agreement
- financial statements are private and no available to public
What are the accounting regulations for a Limited Liability Company?
- Limited liability partnership Act, 2000
- LLP agreement
- financial statements are available through companies house
What are the accounting regulations for a Limited Company?
- Companies Act, 2006
- Financial Reporting Standards
- Financial statements are available to the public through companies house
What are the accounting regulations for a Charity?
- Charities Act, 2011
- Charity regulators - the charity commission
- Statement of recommended practice (SORP) or FRS (Financial Reporting Standard) 102
- Financial statements are available to the public through the charity commission
What is the business entity principle?
financial statements record and report on the activities on one particular business
What is the materiality principle?
items with a low value are not worthwhile recording in the accounts separately
