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Acca Help Text

Acca Help Text

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Published by Benneh Kwaku

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Categories:Types, Business/Law
Published by: Benneh Kwaku on Sep 04, 2010
Copyright:Attribution Non-commercial

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06/20/2012

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ACCA HELP TEXT
FROM ACCASTART.COM
 
 
 
ACCA HELP TEXT Page 1
Paper 1.1Chapter 1The Definition, Purpose, and the Regulatory Framework of Accounting
well,
this r
epo
rt isnt an intr
oduc
ti
o
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o
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nting as it may s
ee
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e
 
l
ik
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u
mmary t
o
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e
 
pu
r
po
s
e
 
of 
 st
ud
ying
p
a
pe
r 1.1.
Accounting
is a
w
ay
of 
r
eco
r
d
ing
,
ana
l
yzing
,
an
d
s
u
mmarizing transa
c
ti
o
ns
of 
a b
u
sin
e
ss.Transa
c
ti
o
ns ar
e
r
eco
r
ded
inb
oo
ks
of 
 
p
rim
e
 
e
ntry
,
an
d
th
e
n ana
l
yz
ed
an
d
 
po
st
ed
t
o
th
e
 
led
g
e
rs an
d
 
ina
ll
y th
e
y ar
e
s
u
mmariz
ed
in th
e
 
inan
c
ia
l
 stat
e
m
e
nts.Y
e
t
,
th
e
t
e
rm A
ccou
nting n
o
t
o
n
l
y r
efe
rs t
o
Finan
c
ia
l
A
ccou
nting
,
b
u
t m
o
r
eove
r
,
 a) Manag
e
m
e
nt A
ccou
ntingb) Finan
c
ia
l
Manag
e
m
e
nt
c
) A
ud
itingTh
e
P
u
r
po
s
e,
 
of 
g
o
ing thr
ou
gh th
e
 
p
r
oce
ss
of 
 
p
r
ep
aring
inan
c
ia
l
stat
e
m
e
nts
,
may n
o
t b
e
r
equ
ir
ed
 
o
r n
eeded
by m
o
st
co
m
p
ani
e
s
,
y
e
t s
o
m
e
m
u
st
co
m
pl
y t
o
 
do
s
o
by
l
a
w
. N
o
n
e
th
ele
ss
,
th
e
y ar
e
 
p
r
ep
ar
ed
s
o
that
ow
n
e
rs
,
manag
e
rs
,
 
le
n
de
rs an
d
 
o
th
e
r int
e
r
e
st
ed
 
p
arti
e
s
c
an s
ee
h
ow
th
e
b
u
sin
e
ss is
do
ing. In
o
th
e
r
wo
r
d
s
,
t
o
 
p
r
ov
i
de
in
fo
rmati
o
n ab
ou
t th
e
 
inan
c
ia
l
 
po
siti
o
n
,
 
pe
r
fo
rman
ce
an
d
 
inan
c
ia
l
a
d
a
p
tabi
l
ity
of 
an
e
nt
e
r
p
ris
e
that is
u
s
eful
t
o
a
w
i
de
rang
e
 
of 
 
u
s
e
rs.D
epe
n
d
ing
o
n th
e
 
u
s
e
rs
of 
 
inan
c
ia
l
stat
e
m
e
nts
,
many may r
equ
ir
e
a
cce
ss t
o
 
d
i
ffe
r
e
nt in
fo
rmati
o
n
,
b
u
t a
ll
shar
e
s
o
m
e
 basi
c
n
eed
s. S
o
m
e
 
of 
th
e
basi
c
 
u
s
e
rs
of 
 
inan
c
ia
l
an
d
a
ccou
nting in
fo
rmati
o
n ar
e:
 a) Manag
e
rsb) Shar
e
h
olde
rs
c
) Tra
de
 
co
nta
c
ts
d
) Pr
ov
i
de
rs
of 
Finan
ce
 
e
) G
ove
rnm
e
nts an
d
th
e
ir Ag
e
n
c
i
e
s
,
 
e
.g. In
l
an
d
R
eve
n
ue
an
d
R
e
gistrar
of 
C
o
m
p
ani
e
s
) Em
plo
y
ee
sg) Finan
c
ia
l
Ana
l
ysts an
d
A
dv
is
o
rsh) In
ve
st
o
rs/ P
u
b
l
i
c
 As
o
n
e
may imagin
e,
it may b
e
 
ve
ry har
d
t
o
satis
y a
ll
 
of 
th
e
 
d
i
ffe
r
e
nt
u
s
e
rs
,
y
e
t
,
th
e
basi
c
 
inan
c
ia
l
stat
e
m
e
nts at th
e
 
e
n
d
 
of 
th
e
 
d
ay
,
ar
e:
 a)
 
Th
e
Pr
of 
it an
d
L
o
ss A
ccou
ntb)
 
Th
e
Ba
l
an
ce
Sh
ee
tF
u
rth
e
rm
o
r
e,
s
o
m
e
 
co
m
p
ani
e
s may b
e
r
equ
ir
ed
t
o
 
p
r
oduce
ann
u
a
l
r
epo
rts
,
 
w
hi
c
h
co
ntain
:
 N
o
n-Finan
c
ia
l
Stat
e
m
e
nts
,
s
uc
h as
:
 a) Dir
ec
t
o
rs R
epo
rtb) A
ud
it
o
rs R
epo
rt
c
) Chairmans R
epo
rtLimit
ed
 
co
m
p
ani
e
s ar
e
r
equ
ir
ed
by
l
a
w
t
o
 
p
r
ep
ar
e
an
d
 
pu
b
l
ish a
ccou
nts ann
u
a
ll
y. Th
e
 
fo
rm an
d
 
co
nt
e
nt
of 
th
e
 a
ccou
nts ar
e
r
e
g
ul
at
ed
 
p
rimari
l
y by th
e
C
o
m
p
ani
e
s A
c
t 1985
,
b
u
t m
u
st a
l
s
o
 
co
m
pl
y
w
ith a
ccou
nting stan
d
ar
d
s.
 
 
ACCA HELP TEXT Page 2
Th
e
R
e
g
ul
at
o
ry Syst
e
mBasi
c
a
ll
y th
e
C
o
m
p
any La
w
r
equ
ir
e
s that a
ll
 
co
m
p
ani
e
s m
u
st
co
m
pl
y
w
ith th
e
C
o
m
p
ani
e
s A
c
t. O
th
e
many r
equ
ir
e
m
e
ntsan
d
r
e
g
ul
ati
o
ns
,
it m
u
st b
e
br
ou
ght t
o
 
o
n
e
s att
e
nti
o
n
,
that th
e
Finan
c
ia
l
Stat
e
m
e
nts ar
e
r
equ
ir
ed
t
o
r
ep
r
e
s
e
nt a Tr
ue
an
d
 Fair
v
i
ew
 
of 
th
e
stat
e
 
of 
a
ff 
airs an
d
Pr
of 
it an
d
L
o
ss.Th
e
A
ccou
nting Stan
d
ar
d
s B
o
ar
d,
 
p
r
ev
i
ou
s
l
y kn
ow
n as th
e
A
ccou
nting Stan
d
ar
d
s C
o
mmitt
ee,
has iss
ued
th
e
A
ccou
ntingStan
d
ar
d
s
,
s
uc
h as FRSs an
d
SSAPs. Th
e
a
ccou
nting stan
d
ar
d
s
we
r
e
 
developed
 
w
ith th
e
aim
of 
narr
ow
ing th
e
ar
e
as
of 
 
d
i
ffe
r
e
n
ce
an
d
 
v
ari
e
ty in a
ccou
nting
p
ra
c
ti
ce
.Th
e
Urg
e
nt Iss
ue
s task
fo
r
ce
is an im
po
rtant
p
art
of 
th
e
ASB in that it is r
equ
ir
ed
t
o
ta
c
k
le
 
u
rg
e
nt matt
e
rs n
o
t
cove
r
ed
by
ex
isting stan
d
ar
d
s. Th
e
r
ev
i
ew
 
p
an
el
is
co
n
ce
rn
ed
 
w
ith th
e
 
ex
aminati
o
n an
d
 
que
sti
o
ning
of 
 
dep
art
u
r
e
s
r
o
m a
ccou
ntingstan
d
ar
d
s by
l
arg
e
 
co
m
p
ani
e
s.F
u
rth
e
rm
o
r
e,
th
e
 
co
m
p
ani
e
s ar
e
r
equ
ir
ed
t
o
 
follow
th
e
A
ccou
nting P
ol
i
c
i
e
s
,
s
e
t
ou
t in FRS 18 an
d
th
e
C
o
m
p
ani
e
s A
c
t.Th
o
s
e
 
pol
i
c
i
e
s ar
e
s
u
mmariz
ed
in th
e
 
d
iagram ab
ove,
b
u
t it m
u
st b
e
n
o
t
ed
that th
e
r
e
is a
d
istin
c
ti
o
n b
e
t
wee
n th
e
 a
ccou
nting
pol
i
c
i
e
s an
d
a
ccou
nting
e
stimat
e
s.Th
e
a
ccou
nting
pol
i
c
y is
co
n
ce
rn
ed
 
w
ith
:
 a) th
e
r
eco
gniti
o
nb) S
elec
ti
o
n
of 
m
e
as
u
r
e
m
e
nt bas
e
an
d
 
c
) Pr
e
s
e
ntati
o
nO
ass
e
ts
,
 
l
iabi
l
iti
e
s
,
gains an
d
 
lo
ss
e
s
of 
an
e
ntity. E.g. Pr
ude
n
ce
 
o
r A
cc
r
u
a
l
s? Th
e
 
c
h
o
i
ce
m
u
st b
e
bas
ed
 
o
n
w
hi
c
h may
p
r
ov
i
de
th
e
m
o
st tr
ue
an
d
 
air
v
i
ew
.Th
e
a
ccou
nting
e
stimat
e
is th
e
m
e
th
od
 
u
s
ed
t
o
 
e
stab
l
ish th
e
m
o
n
e
tary
v
a
lue
 
of 
ass
e
ts
,
 
l
iabi
l
iti
e
s
,
gains an
d
 
lo
ss
e
s
u
singth
e
m
e
as
u
r
e
m
e
nt bas
e
s
elec
t
ed
by th
e
a
ccou
nting
pol
i
c
y
,e
.g.
dep
r
ec
iati
o
n (straight
l
in
e
 
o
r r
educ
ing ba
l
an
ce
?)Th
e
ASB a
l
s
o
 
developed
a Stat
e
m
e
nt
of 
Prin
c
i
ple
s
,
 
w
hi
c
h is
co
n
ce
rn
ed
by
:
 a) th
e
 
o
bj
ec
ti
ve
 
of 
 
inan
c
ia
l
stat
e
m
e
ntsb) th
e
r
epo
rting
e
ntity
c
) Th
e
 
qu
a
l
itati
ve
 
c
hara
c
t
e
risti
c
s
of 
 
inan
c
ia
l
in
fo
rmati
o
n.Basi
c
a
ll
y th
e
stat
e
m
e
nt
of 
 
p
rin
c
i
ple
s
p
r
ov
i
ded
a C
o
n
cep
t
u
a
l
Fram
ewo
rk
,
 
w
hi
c
h
fo
rms th
e
th
eo
r
e
ti
c
a
l
basis
fo
r
de
t
e
rmining
w
hi
c
h
eve
nts sh
ould
b
e
a
ccou
nt
ed
 
fo
r
,
h
ow
th
e
y sh
ould
b
e
m
e
as
u
r
ed
an
d
h
ow
th
e
y sh
ould
b
e
 
co
mm
u
ni
c
at
ed
t
o
th
e
 
u
s
e
r.A
co
n
cep
t
u
a
l
 
ram
ewo
rk is a stat
e
m
e
nt
of 
g
e
n
e
ra
ll
y a
ccep
t
ed
th
eo
r
e
ti
c
a
l
 
p
rin
c
i
ple
s
,
 
w
hi
c
h
fo
rm th
ef 
ram
e
 
of 
r
efe
r
e
n
ce
 
fo
r
inan
c
ia
l
r
epo
rting. Th
e
s
e
th
eo
r
e
ti
c
a
l
 
p
rin
c
i
ple
s
p
r
ov
i
de
th
e
basis
fo
r th
e
 
develop
m
e
nt
of 
n
ew
r
epo
rting stan
d
ar
d
s an
d
th
e
 
ev
a
lu
ati
o
n
of 
th
o
s
e
a
l
r
e
a
d
y in
ex
ist
e
n
ce
. In
o
th
e
r
wo
r
d
s
,
th
e
y ar
e
th
e
r
e
t
o
 
p
r
ov
i
de
 
co
nsist
e
n
c
y
,
 
cl
arity an
d
in
fo
rmati
o
n.F
u
rth
e
rm
o
r
e,
 
co
m
p
ani
e
s ar
e
r
equ
ir
ed
t
o
 
co
m
pl
y
w
ith th
e
r
e
g
ul
ati
o
ns
of 
th
e
E
u
r
ope
an
u
ni
o
n
,
an
d
 
v
ari
ou
s int
e
rnati
o
na
l
 b
od
i
e
s
,
an
d
any st
oc
k
exc
hang
e
r
equ
ir
e
m
e
nts
depe
n
d
ing
o
n th
e
ir
c
ir
cu
mstan
ce
s. In a
dd
iti
o
n t
o
th
e
Finan
c
ia
l
Stat
e
m
e
nts
,
 
l
imit
ed
 
co
m
p
ani
e
s ar
e
r
equ
ir
ed
t
o
 
p
r
ov
i
de
 
ce
rtain n
o
t
e
s an
d
 
d
is
clo
s
u
r
e
s t
o
th
e
a
ccou
nts
,
s
uc
h as
:
 1. Stat
e
m
e
nt
of 
m
ove
m
e
nts in r
e
s
e
r
ve
s2. D
e
tai
l
s
of 
Fi
xed
Ass
e
ts3. D
e
tai
l
s
of 
 
po
st ba
l
an
ce
sh
ee
t
eve
nts

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