COMPONENTS OF FINANCIAL STATEMENTS
A complete set of financial statements includes the following components: Balance sheet; Income statement; A statement of changes in equity showing either:
General
About Financial Statements
PURPOSE OF FINANCIAL STATEMENTS Financial statements are a structured financial representation of the financial position and financial performance of an enterprise. The objective of general purpose financial statements is to provide information about the financial position, performance and cash flows of an, enterprise that is useful to a wide range of users in making economic […]
IASB Frame Work
Introduction IASB frame work The Framework lays out the purpose, status and scope of the document and sets out the concepts that underlie the preparation and presentation of financial statements for external users. Purpose and Status The purposes of the Framework: – Assist the board to develop future IFRS and in its review of existing […]
THE REGULATORY FRAMEWORK
International Accounting Standards Board (IASB) Introduction Each country has its own legislation governing accounting and operation of limited companies; this local legislation varies considerably form country to country ACCA will not require knowledge of local legislation for examination purposes rather it would require knowledge about (IASB) international accounting standard board which has issued a number […]
Introduction to Accounting
The purpose of financial reporting Financial reporting is a way of recording, analyzing and summarizing financial data. Financial data is the name given to the actual transactions carried out by a business e.g. sales of goods, purchases of goods, payment of expenses. These transactions are recorded in books of prime entry The transactions are analyzed […]
What is a Derivative?
Financial instrument (or an agreement b/w two people) that has a value determined by the price of something else It is not the contract itself, but how it is used, and who uses it that determines whether or not it is risk-reducing Uses of Derivatives Risk management – can use derivatives to hedge your loss […]
Purchase Requisition: Parts and Types (Part 2)
Before proceeding on type of PR as mentioned in last part (Part 1), I would go through different parts of Purchase Requisition (normally all purchasing Document have these parts)
How Credit Card Works
How credit cards corks is it so simple that you swipe the card and every thing done , let’s see what goes behind after the transaction
Redemption / Strawman / Bond Fraud
Proponents of this scheme claim that the U.S. government or the Treasury Department control bank accounts—often referred to as “U.S. Treasury Direct Accounts”—for all U.S. citizens that can be accessed by submitting paperwork with state and federal authorities.
Pyramid Schemes Fraud
As in Ponzi schemes, the money collected from newer victims of the fraud is paid to earlier victims to provide a veneer of legitimacy. In pyramid schemes, however, the victims themselves are induced to recruit further victims through the payment of recruitment commissions.