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Question 1

Within the 8 conceptual framework sections - the qualitative characteristics of useful financial information - what does ‘relevance’ allow a user to decide?

Question 2

What 4 elements make finanicial information have a faithful representation?

Question 3

What are the 4 enhancing qualitative characteristics?

Question 4

When should an element of the financial statements be recognised?

Question 5

What are the 2 measures of elements?

Question 6

What 3 ways are there to obtain a ‘current value’?

Question 7

What are the 5 elements of a financial statement?

Question 8

What is the definiton of an Asset?

Question 9

What is the definiton of liabilities?

Question 10

What is the definition of an Equity?

Question 11

What is the definition of an Income?

Question 12

What is the definiton of an Expenses?

Question 13

What are the steps for drafting the SFP?

Question 14

What are the non-cash adjustments in operating activities

Question 15

What is the calculation for PPE NBV (Purchase of PPE)

Question 16

What is the calculation for PPE accumulated depreciation?

Question 17

What are the 4 cash flows from financing activities?

Question 18

What is the calculation for dividend payable?

Question 19

What is the calculation for retained earnings?

(Calculation for SOCF)

Question 20

What is the calculation for Proceeds on Disposal for PPE?

Question 21

What is the calculation for cash paid for aquisitions of PPE?

Question 22

How do you value inventory?

Question 23

Why might inventory be sold for less than they cost?

Question 24

What is the definition of a Lease?

Question 25

What is the Definition of a Right of use Asset?

Question 26

What is the difference between a lease of more and less than 12 months and how each are accounted for in the accounts?

Question 27

Whats the accounting treatment for Assets and Liabilities in a likelihood scenario of: Virtually certain Probable Possible Remote