Study guides, Class notes & Summaries

ACCA Test Questions with Correct Answers predecessors - Answer-someone or something that came before in conjunction with - Answer-together with to designate - Answer-to indicate, point out; to appoint; selected but not yet installed To converge - Answer-To move toward one point, to approach relative nearness discretion - Answer-good sense default classification - Answer-standard typical classification come to mind - Answer-in my head in essense - Answer-basic real nature of...

ACCA 2023 Exam Questions with Correct Answers Accountability of Internal audit - Answer-CC090309 1 access all parts of th organization 2auditor can freely comment the performance of managent 3should be actioned at th highest level to ensure its effectice implementation Absolution - Answer-FC one set of ethic rules should fits in all cultures without exception Accounting - Answer-CC080101 1the transactions: book of primary entry 2analysed and posted to ledger 3summarised in financia...

ACCA Exam Questions and Answers All Correct Absorption costing - Answer-focuses on the total cost of producing one unit of output, includes fixed production overheads in valuation cost of production Account - Answer-Accounts receivablea location where all items relating to one particular group are recorded. For example cash items are recorded in the cash account. Account code - Answer-a unique group of numbers and/or letters that is used to identify an item and classify it into a particu...

What are some of the qualities of good information? correct answer: - Relevance - Clarity - Completeness - Accuracy - Timeliness - Manageable in volume What is Data? correct answer: Raw data materials ready for processing. What is information? correct answer: Data that has been processed and is now meaningful to its users. What is management information? correct answer: Information used by management in the running of a business or organisation. What is information used f...

Define Absorption Costing correct answer: Fixed production overheads included OAR calculation correct answer: Estimated overheads divided by estimated activity level Absorption Costing two advantages correct answer: Selling price made to cover all costs. Complies with IAS 2 Absorption costing two disadvantages correct answer: Profits manipulated by changing production levels. Assumes overheads are volume related. Contribution Calculation correct answer: Fixed costs plus profit...

Fisher v Bell correct answer: Literal rule Display of goods as invitation to treat (flick-knives) Adler v George correct answer: Golden Rule "In the vicinity of" an air force base Gorris v Scott correct answer: Mischief rule Harm must be of the type the statute was enacted to prevent (sheep overboard) Gardiner v Sevenoaks RDC correct answer: Purposive rule Making a decision as to what Parliament intended to achieve with the statute (cave as premises) Powell v Kempton Park R...

Residency & Tax correct answer: Resident = UK + Worldwise Non Resident = UK Income Define Residency correct answer: Auto No Auto Yes Auto No correct answer: In UK "Short Stay" <16 days + Previous Resident <46 days + Never resident <91 days + Employed Abroad Auto Yes correct answer: >183 days Only Home in UK Employed Full-Time Residency Ties correct answer: 1. Close family in UK (Wife, child). 2. House in UK used 1+ night 3. In UK more other country. 4...