Week 1 - Inflo Introduction & Reintroduction

Question 1

suspense account = ?

Answer 1

an account in which entries are offset for transactions that we don’t know what do to do with

Question 2

difference between big picture & drill down?

Answer 2

big picture shows a broad overview of a section of the FS e.g., assets, liabilities, income, expenses etc

drill down shows individual accounts e.g., car, individual customer accounts, bank loan from a specific bank

Question 3

purpose of filtering on inflo?

Answer 3

can filter by period, document type or user

e.g., to only view a particular period in the FS

e.g., to only view transactions from a specific asset account

Question 4

define adhoc

Answer 4

something specific and non-generalisable

Question 5

what does the heat map data visualisation portray?

Answer 5

material transactions

Question 6

when can R&D be capitalised/expensed?

Answer 6

expensed when it’s pure research

capitalised when it’s expected to derive future economic benefit