Published Accounts & Regulatory Framework (Leaving Cert Accounting): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Published accounts
Published accounts
Official financial statements limited companies present to shareholders annually
4 documents required at AGM
4 documents required at AGM
P&L account, balance sheet, directors' report, auditors' report
Turnover in published accounts
Turnover in published accounts
Total sales revenue (replaces 'sales' in published format)
Intangible assets
Intangible assets
Assets you cannot physically touch (e.g., goodwill, patents)
Tangible assets
Tangible assets
Physical assets like buildings, machinery, and vehicles
Current assets
Current assets
Items expected to convert to cash within one year
Exceptional item
Exceptional item
Significant unusual item shown separately in P&L account
Contingent liability
Contingent liability
Liability company could possibly/probably be liable to pay
Layout requirement for published accounts
Layout requirement for published accounts
Must follow exact order and wording of entries
Gross profit calculation
Gross profit calculation
Turnover minus cost of sales