Company accounts

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  • Created by: apple87
  • Created on: 04-09-15 14:20
Which documents must be included in a companies accounts?
Income statement, Balance sheet, Statement of changes in equity, Satement of cash flows, accounting policies and notes.
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According to IAS 1 what is required for the income statement in company accounts?
Revenue, Finance costs, tax expenses and how they help calculate profit attributable to shareholders.
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According to IAS 1 how can the income statment be presented for company accounts?
Expenses can be shown by function or by nature.
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Why might expenses be grouped?
To hide financial information from competitiors.
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Which costs are included in finance costs?
Interest on loans, debentures, mortgages.
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What is the statement of changes in equity?
Shows what has happened to the shareholders stake in the business.
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What does IAS 1 require the Statement of changes in equity show?
Dividends paid to shareholders, Opening and closing balances of retained earnings, Opening and closing balances of reserves.
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According to IAS 1 which figures must be reported in the balance sheet?
Plant, property, equipment, investment property, intangible assets, inventories, trade receivables, cash, cash equivalents, trade payable, tax liabilities, issued capital and reserves.
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What must a balance sheet show in the statment or in the notes?
PPE by class, receivable by class, subcatagories of inventories, share capital and reserves by class, share capital, number of shares authorsed, number of shares issued, nominal value.
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For a business with a financial year from 1st January 2014 to 31st December 2014 how would the dividend paid figure be calculated?
The 2013 final dividend would be added to the 2014 interim dividend because only diviends paid are included in the financial statments.
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Other cards in this set

Card 2

Front

According to IAS 1 what is required for the income statement in company accounts?

Back

Revenue, Finance costs, tax expenses and how they help calculate profit attributable to shareholders.

Card 3

Front

According to IAS 1 how can the income statment be presented for company accounts?

Back

Preview of the front of card 3

Card 4

Front

Why might expenses be grouped?

Back

Preview of the front of card 4

Card 5

Front

Which costs are included in finance costs?

Back

Preview of the front of card 5
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