FACI601_ FINANCIAL ACCOUNTING & REPORTING WITH COMPLETE ANSWERS ALREADY GRADED A+

FACI601_ FINANCIAL ACCOUNTING & REPORTING WITH
COMPLETE ANSWERS ALREADY GRADED A+




IFRS - CORRECT ANSWER-International Financial Reporting Standards



International Financial Reporting Standards -A set of rules developed to make sure that financial
statements are prepared consistently for companies so that users can compare the financial
results and performance from the current year to prior years to the same company.
Additionally, making it possible for users to compare the financial position and performance of
one company with another.




Favourable Equity - CORRECT ANSWER-Total Liabilities < Total Assets



The Recognition Process - CORRECT ANSWER-



Statement of Financial Position Components - CORRECT ANSWER-PPE, Investment Property,
Intangible assets, Financial assets, Inventories, Trade and other receivables (debtors) , Cash and
cash equivalents (Bank or petty cash), Trade and other payables (Creditors) , Financial liabilities,
Issued capital and reserves



Statement of Profit or Loss and Other Comprehensive Income Components - CORRECT
ANSWER-

Enhancing Qualitative Characteristics - CORRECT ANSWER-a) Comparability