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ACC3 Definitions
Retained Profits This is when profits are generated by the business through normal trading
activities, are used to help finance the business.
Capital Invested by the Owner(s) This is when the owner or owners of the business put their own money into the
Bank Overdraft This is…

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IAS 7 Statements of Cash Flows What it is: This standard requires that a cash flow statement must be included as
part of the company's published accounts.
Purpose: To ensure that cash flow statements are produced to a high standard with
the standardized layout.
IAS 8 Accounting Policies What it…

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Coningent Liabilities Is a possible obligation for which the amount is uncertain?
Contingent assets Are possible assets that arise from past events?


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