Accounting

• What is prohibited without permission from First Intuition Reading Ltd?

  Reproduction or distribution of the publication
• What is the copyright year for this publication?

  2024
• How many modules are there in the ACA qualification?

  15 modules
• What must be passed to qualify for the ACA?

  Every exam or receive credit
• What do ICAEW Chartered Accountants have after qualification?

  A consistent level of knowledge and skills
• What do the six certificate level modules introduce?

  The fundamentals of accountancy, finance, and business
• How long is the assessment for each certificate level module?

  1.5 hours
• What can be used as a stepping stone to study for the ACA?

  ICAEW Certificate in Finance, Accounting and Business
• What is the aim of the Accounting course?

  • Develop understanding of double entry accounting
  • Apply principles in recording transactions
  • Adjust financial records
  • Prepare non-complex financial statements
• What is the weighting percentage for maintaining financial records?

  30%
• What is the total percentage for the grid weighting in Accounting?

  100%
• What are the learning objectives of the Introduction to Accounting?

  • Specify why entities maintain financial records
  • Specify ethical considerations for financial statements
  • Record transactions in accordance with accounting standards
  • Specify key aspects of accrual and cash basis accounting
• What is accounting primarily concerned with?

  Recording, analysing, and summarising transactions
• What are the three main types of profit-making business entities?

  Sole traders, partnerships, limited liability companies
• What is the objective of financial statements according to the IFRS Foundation?

  Provide useful information for decision-making
• Who are the primary users of financial statements?

  Investors, lenders, and other creditors
• What do primary users need to assess about an entity?

  Economic resources and management efficiency
• What is the statement of financial position also known as?

  Balance Sheet
• What does the statement of financial position list?

  Assets controlled and liabilities owed
• What does the statement of profit or loss display?

  Items of income and expense for a period
• What is the other name for the statement of profit or loss under UK GAAP?

  Profit and Loss Account
• What does GAAP signify?

  Rules governing accounting practices
• What legislation requires limited liability companies to publish financial statements?

  Companies Act 2006
• What must financial statements present according to legislation?

  A true and fair view of financial results
• What do IFRS Standards include?

  International Financial Reporting Standards and IASs
• What is the IESBA Code of Ethics for Professional Accountants concerned with?

  Fundamental ethical principles in accounting
• What is one principle of the IESBA Code of Ethics?

  Integrity in professional relationships
• What does the principle of objectivity in accounting entail?

  No bias or conflict of interest in judgments
• What is the duty of a professional accountant regarding competence?

  Maintain professional knowledge and skills
• What should a professional accountant respect according to confidentiality?

  Confidentiality of acquired information
• What is the principle of professional behavior in accounting?

  Comply with laws and avoid discrediting the profession
• What is the relevance of sustainability standards in accounting?

  Impact of activities on the environment
• What did the IFRS Foundation form in 2021?

  International Sustainability Standards Board
• What will the ISSB develop?

  IFRS Sustainability Disclosure Standards
• What is the duty of professional accountants regarding competence?

  To achieve a level of professional knowledge
• Why are users interested in sustainability standards?

  They want to know the environmental impact
• Are UK companies legally required to disclose sustainability information?

  No, they are not legally required
• What is the role of the ISSB?

  To develop IFRS Sustainability Disclosure Standards
• What will the Sustainability Disclosure Standards provide users?

  High-quality and transparent sustainability information
• Will Sustainability Disclosure Standards replace IFRS Standards?

  No, they will operate alongside them