Icaew Study guides, Revision notes & Summaries

ICAEW Law Questions with complete solution 2024 What does void mean and when are contracts void? That there is no valid contract and goods should be returned; - Illegality (must not be illegal or against public policy) What does voidable mean and when are contracts voidable? The contract can be ignored by the 'injured' party; - Lack of capacity (due to age or sound of mind) - Lack of free will (duress or undue influence) - Misrepresentation (incorrect facts that made the contract ...

What do financial statements provide information about - Answer Financial position, financial performance and cash flows. What are financial statements regulated by - Answer Accounting standards and local laws and regulations What does section 3 of frs 102 prescribe - Answer The basis for the presentation of financial statements to ensure fair presentation of the position, performance and cash flows of the entity. If financial statements are eligible for frs 105 application - Answ...

Accounting - Answer-A way of recording, analysing and summarising transactions of an entity. Statement of Profit and Loss - Answer-It reflects the performance of a business over a period of time. Statement of Financial Position - Answer-It reflects the position of a business at a point in time. Users of Accounting - Answer-Any organisation/business/individual who needs to keep track of their income, expenses, assets and liabilities. Types of Business Entity - Answer-• Sole trader • Par...

What does the property value have to be above where there is additional rent? - Answer £75,000 How many years does the property have to be owned by the employer before given to the employee, for it to be valued at Market Value & not the orginal cost? - Answer MORE THAN 6 years What % does the use of assets have to be used for private use to be deemed as insignificant ? - Answer 40% For Car benefit, what is the maximum contribution the employee can contribute? - Answer £5000 Can...

ICAEW - ACA - F.M. - Managing financial risk: Overseas trade Foreign exchange risk - correct answer transaction risk Transaction risk - correct answer the risk that an exchange rate will change between the transaction date and the subsequent settlement date i.e. it is the gain or loss arising on conversion. What does transaction risk occur on - correct answer Imports and exports? Give an example of transaction risk on imports part 1 - correct answer for example, a firm enters into ...

ICAEW ACA AccountingUsers of Accounting - correct answer Any organization/business/individual who needs to keep track of their income, expenses, assets and liabilities. Types of Business Entity - correct answer • Sole trader • Partnership • Limited Liability Companies Stakeholders for financial information - correct answer • Managers/Directors • Owners of the company • Trade contracts • Finance providers •HMRC Year-end capital Equation - correct answer Bal. at ...

Fundamental principles ethics - Answer Integrity. Objectivity. Professional comeptence and due care. Confidentiality. Professional behaviour Threats to fundamental principles - Answer Self interest threat. Self review threat. Advocacy threat. Familiarilty threat. Intimidation threat. Types of Safeguards to mitigate threats - Answer safeguards Created by the profession, legislation or regulation. Safeguards In the work environment. Safeguards Safeguards Created by the profession, l...

ACA [ICAEW] – ACCOUNTING 2024 SOLVED QUESTIONS WITH 100% CORRECT ANSWERS!!

ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss Income and expenses over a period of time The Business entity concept Business transactions should be kept separate from the persona...

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