1
Q
What are the fundamental qualitative characteristics of financial information ?
A
- relevance
- faithful representation
2
Q
What are the enhancing characteristics of qualitative information
A
- comparability
- variability
- timeliness
- understandability
3
Q
What are the elements that an item should consist of to be recognised on the statement of financial position
A
Asset
Liability
Equity
Income
Or expense
4
Q
What are the 3 recognitions
A
- one of the elements of the financial statement
- relevant
- faithful representation
5
Q
What are the 4 measurements
A
Historical cost
Current cost
Fair value
Value in use
6
Q
What is a historical cost ?
A
Amount paid at transaction date
7
Q
What is a current cost ?
A
The amount that would be paid if the transaction occurred today
8
Q
What us fair value
A
The value of a similar asset or liability on the open market
9
Q
What is value in use
A
A discounted value of all future cash flows relating to the asset or liability
CIMA BA3
flashcards
Decks in class (14)
# Cards
-
Nature & Objectives Of Accounting - 10%12
-
Introduction To Final Accounts - 10%24
-
Interpreting Company Accounts - 10%26
-
The Conceptual Framework - 10%9
-
The Regulatory System - 10%5
-
Cost Of Sales & Inventories - 30%19
-
Irrecoverable Debt & Allowance For Recivables - 30%8
-
Accruals ( And Prepayments ) - 30%14
-
Incomeplete Records - 30%10
-
Limited Company Financial Statements - 30%4
-
Manufacturing Accounts - 30%12
-
Statement Of Cash Flow - 30%0
-
Sources Records & Books Of Prime Entry - 50%9
-
Ledger Accounting & Double Entry - 50%11
