ICAEW

ICAEW AA Chapter 7 Question and answers rated A+ 2024 ISA300 - planning audit - correct answer Time wasted doing wrong - inefficient Really important work might not be done at all- not prioritizing key work Wrong conclusion may be drawn Audit Strategy - correct answer Background information required to an effective audit- formulation of general strategy which considers materiality risk audit approach experts timing team budgets and deadlines of audit - guides the development of audit ...

ICAEW AA Chapter 11 Questions with complete solution 2024 Special entities - correct answer Extra regulations- bank/insurance/charities Subject to professional rules - solicitors Charities - correct answer Regulates under Charities Act 2016 Charities statement of Recommended Practice (SORP) - correct answer statement of financial activities (SOFA) - resources made available to charity and all expenditure incurred and reconciles all changes in its funds Summary income and expendi...

ICAEW ACA Accounting Question and answers correctly solved 2024 Accounting - correct answer A way of recording, analyzing and summarizing transactions of an entity. Statement of Profit and Loss - correct answer It reflects the performance of a business over a period of time. Statement of Financial Position - correct answer It reflects the position of a business at a point in time. Users of Accounting - correct answer Any organization/business/individual who needs to keep track of th...

ICAEW ACA Accounting Question and answers 2024 verified to pass Users 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-en...

ICAEW ACA Law Question and answers 2024 verified to pass What is the difference between civil law and criminal law? civil law: claimant and defendant criminal law: prosecution and accused true or false: the party brining a civil case to court is known as the prosecution false what is the party in court who is charged with a criminal offence known as? the defendant To what contract would the UN Convention on Contracts for the International Sale of Goods (UNCISG) apply? the sa...

ICAEW BTF C10 Structure and regulation of the accountancy profession Question and answers already passed 2024FRC (Financial Reporting Council) comprises: - correct answer the Conduct Committee + the Codes and Standards Committee Regulation of professions should NOT protect the profession's vested interests from competition in order to maintain public trust - correct answer True To appeal Disciplinary Committee decision - correct answer Appeal committee To appeal Investigation Commit...

Icaew law chapter 7 Question and answers 100% correct 2024 Share - correct answer A member’s stake in a company's share capital Name the two most common types of shares - correct answer Preference shares and ordinary shares Describe a share - correct answer A transferable form of personal property, carrying rights and obligations, by which the interest of a member of a company limited by shares is measured. Shareholder - correct answer A member of a company who holds one or more ...

ICAEW Law Question and answers rated A+ 2024 Features of criminal law - correct answer 1) State disapproves the conduct 2) Purpose - enforcement of particular forms of behavior 3) Case brought by the State 4) Burden of proof: on prosecution 5) Standard of proof: high standards 6) Object: to regulate society by the threat of punishment 7) Penalties: Fine or imprisonment Features of civil law - correct answer 1) Private law 2) Purpose - to resolve individual disputes 3) Case brought...

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 ...

ICAEW Accounting Standards Summary (Level 1 & 2 Exam Coverage) This document provides concise summaries of key accounting standards relevant to the ICAEW Levels 1 and 2 exams. It covers areas typically tested in these exams, aiming to improve your understanding and exam preparation.