ICAEW ACCOUNTING QUESTIONS WITH
100% CORRECT ANSWERS [ GUARANTEED
A+]
The objective of financial statements - ✔✔To provide info that is useful to a range
of stakeholders in helping them make decisions. This is by providing info on (1)
their performance/position/cashflows, and (2) the effectiveness of management
Two most important components of financial statements - ✔✔Statement of
Financial Position
Statement of Profit or Loss
©morren2024/2025.Year published 2024.
, What is a Statement of Financial Position? - ✔✔Gives a snapshot of financial
position at a particular date by listing all assets and liabilities
What is a Statement of Profit or Loss? - ✔✔Gives performance for a particular
reporting period by showing incomes and expenses
What is GAAP? - ✔✔Generally Accepted Accounting Practice. Overall means that
you need to prove that financial statements give a true and fair view.
What are the five components of the IESBA Code of Ethics? - ✔✔Integrity
Objectivity
Professional competence or due care
Confidentiality
Professional behaviour
©morren2024/2025.Year published 2024.
100% CORRECT ANSWERS [ GUARANTEED
A+]
The objective of financial statements - ✔✔To provide info that is useful to a range
of stakeholders in helping them make decisions. This is by providing info on (1)
their performance/position/cashflows, and (2) the effectiveness of management
Two most important components of financial statements - ✔✔Statement of
Financial Position
Statement of Profit or Loss
©morren2024/2025.Year published 2024.
, What is a Statement of Financial Position? - ✔✔Gives a snapshot of financial
position at a particular date by listing all assets and liabilities
What is a Statement of Profit or Loss? - ✔✔Gives performance for a particular
reporting period by showing incomes and expenses
What is GAAP? - ✔✔Generally Accepted Accounting Practice. Overall means that
you need to prove that financial statements give a true and fair view.
What are the five components of the IESBA Code of Ethics? - ✔✔Integrity
Objectivity
Professional competence or due care
Confidentiality
Professional behaviour
©morren2024/2025.Year published 2024.
