ICAEW/ACA Study guides, Class notes & Summaries

Dr/Cr - ICAEW ACA Accounting(Generic) Cash paid during the year in expense ledger - correct answer "Dr Expense Cr Cash " (Generic) Cash paid received the year in income ledger - correct answer "Dr Cash Cr Income " Calculate whether a closing accrual is required - correct answer "Dr Expense Cr Accruals " Calculate whether a closing accrued income adjustment is required - correct answer "Dr Accrued income Cr Income " Calculate whether a closing prepayment is requ...

ACA ICAEW ACCOUNTING Exam Questions With Correct Answers Latest 2024/2025. ACA ICAEW ACCOUNTING Exam Questions With Correct Answers Latest 2024/2025.

ACA [ICAEW] ACCOUNTING Exam Questions With Correct Answers Latest 2024/2025 (Graded. Statement of Profit and Loss - ANSWER Income and expenses over a period of time The Business entity concept - ANSWER Business transactions should be kept separate from the personal transaction of the owner Qualitative characteristics of financial information - ANSWER Two fundamental concepts 1. Relevance [Assists users in evaluating past and predicting future events + Materiality] 2. Faithful Representatio...

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

ICAEW ACA Accounting 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 their income, expenses, assets and liabiliti...

ACA ICAEW ACCOUNTING Exam Questions With 100% Correct Answers Latest 2024/2025. Books of Original Entry - ANSWER 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 - ANSWER SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - ANSWER Income and expenses over a period of time The Business entity concept - ANS...

ICAEW ACA Accounting Exam Complete Latest Update 20242025

ICAEW ACA Law Actual Real Tested Questions And Correct Answers 100% When does UNCISG apply? ANSWER : When parties have their place of business in different states What is an obligation of the seller under the UNCISG? ANSWER : to deliver goods of quality set out in the contract deliver goods on time To comply with Sharia law, should savings and lending arrangements avoid payment of interest? ANSWER : yes Under sharia law, what is riba? ANSWER : the concept of unlawful gain What...

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 ...