Introduction to limited company accounts - C5 Flashcards
1
Q
Qualitative Characteristics
A
Comparability
Verifiability
Timeliness
Understandability
2
Q
Statement of financial position Limited Company
A
Non-current assets (including good will and intabible assets)
Current Assets
Total Assets
Equity
Total Equity
Non-current liabilities (bank loan)
Current Liabilities
Short Term borrowings
Tax Liability
Total Liabilities
Total Equity and Liabilities
3
Q
Equity Formula
A
Contributions from owner + Income - expenses - distribution to owners
