Statements under UK GAAP Flashcards
1
Q
Which companies must produce accounts under IFRS?
A
Listed
2
Q
What must be included in the filing of statements with Registrar of Companies?
A
Balance sheet
Profit and loss account
Director’s report
Auditor’s report
3
Q
UK terms for carrying amount, inventory, receivables, payables and finance costs?
A
Net book value, stock, debtors, creditors, interest payable
4
Q
What is different for a sole trader’s accounts?
A
No tax
Capital and reserve is ownership’s interest
5
Q
Change in net assets for a sole trader =
A
capital introduced + profit - drawings
