Accounting principles and prcoedures

lpwhitaker88
Mind Map by , created over 5 years ago

Mind Map on Accounting principles and prcoedures, created by lpwhitaker88 on 04/13/2014.

41
2
0
Tags No tags specified
lpwhitaker88
Created by lpwhitaker88 over 5 years ago
An Inspector Calls - Themes
Emily Simms
CHEMISTRY CORE REVISION
Sausan Saleh
CCNA Security 210-260 IINS - Exam 3
Mike M
NSI / PSCOD/ ASSD
Yuvraj Sunar
TISSUE TYPES
Missi Shoup
Geometry Theorems
PatrickNoonan
The Geography Of Earthquakes
eimearkelly3
Physics Revision
Tom Mitchell
Waves
kate.siena
Food Technology - Functions of ingredients
evie.daines
Accounting principles and prcoedures
1 Profit and loss accounts / income statements
1.1 Summary of the business's income and expenditure transactions, prepared usually on an annual basis.
1.1.1 Turnover - cost of sales (gross profit)
1.1.1.1 minus admin expenses = operating profit
1.1.1.1.1 tax on op profit (net profit)
1.1.1.1.2 admin expenses - wages/NI/rent/service charges/rate/insurance/light and heat/motor/advertising/telephone
2 Cash flow forecasts
3 Balance sheets
3.1 Statement of the business's financial position showing assets and liabilities at a given date, usually at end of a financial year
3.1.1 fixed assets (tangible and intangible)
3.1.1.1 current assets (stocks/debtors/cash at bank and in hand)
3.1.1.1.1 creditors
3.1.1.1.1.1 total = net current assets
3.1.1.1.1.1.1 less total liabilities
4 Management accounts
4.1 Prepared for internal use by a business and not audited
5 Audited accounts
5.1 Prepared by a chartered accountant
6 cash flow statements
6.1 shows actual receipts and expenditure to include VAT
7 UK GAAP
7.1 Generally accepted accounting principles as agreed in the UK. Vals for inclusion in financial statements are prepared in accordance with UKGAAP
8 IFRS
8.1 International financial reporting standards
8.1.1 adopted by uk, fair value definition
9 FRS
9.1 Financial reporting standard
9.1.1 FRS 15 - Requires companies to revalue their tangible fixed assets
9.1.1.1 Owner occupied property is to be valued on the basis of existing use value
9.1.1.1.1 Investment properties are to be values on the basis of market value
10 IAS
10.1 International accounting standards

Media attachments