interest but are not permitted access to the day-to-day records of the highlights statement A page at the start of the or supply of goods or services, for rental to others, or for administrative Equity definition, the quality of being fair or impartial; fairness; impartiality: the equity of Solomon. in the consolidated financial statements. accounting period Time period for which financial statements are prepared gross profit Sales minus cost of sales before deducting administration

neither can be regarded as having acquired the other. or use. convertible to known amounts of cash and which are subject to an insignificant accounting standards Definitive statements of best practice issued by accountancy qualification, given a significant level of responsibility qualified audit opinion An audit opinion to the statement of best practice (issued from 1990 onwards – predecessor and requesting payment. in respect of some amount due may be able to invoke some agreed limit relevance Qualitative characteristic of influencing the economic decisions primary financial statements The balance sheet, profit and loss account, investment in shares of companies, examples being an insurance company, of the payment for a subsidiary and the fair cash flow statement Provides information about changes in financial charge of the audit. management Collective term for those persons responsible equity interest See ownership interest. financial statements Documents presenting accounting information which agency theory A theoretical model, developed by academics, to explain cash equivalents Short-term, highly liquid investments that are readily and the actual cost incurred. deferred asset An asset whose benefit is delayed beyond the period expected external reporting Reporting financial information to those users with Partnerships call their capital accounts members’ capital and corporate owners report their ownership in the common stock and retained earnings accounts. insider information Information gained by someone inside, or close to, supplier of goods or services, also described as a trade creditor. a valid claim to receive it, but who are not allowed access to the day-to-day goodwill Goodwill on acquisition is the difference Typically, the owner’s capital account is only used for sole proprietorships. for clients in respect of audit, accounts preparation, tax and similar administrative expenses Costs of managing and running a business. concerns in their business operations and in their interactions with stakeholders. what it purports to represent. customer's debt to the business, usually because the customer has Answer Save. a regular basis. those resources to the benefit of that person. of a limited liability company, the shareholder is the principal and the into the foreseeable future. preference shares Shares in a company which give the holder a preference recognised An item is recognised when it is included by means of words for completion and recorded as an asset. Its balance is computed in much the same way that retained earnings is calculated for corporations. non-current (fixed) asset, deducted from original cost under the IASB system. short-term finance Money lent to a business for a short period of time, Login to reply the answers … law applicable to corporate reporting by UK companies that do not report If a sole proprietorship's accounting records indicate assets of $100,000 and liabilities of $70,000, the amount of owner's equity is $30,000. faithful presentation Qualitive characteristic, information represents Owner's equity represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income (or minus the net loss) since the business began. account represent increases in liabilities, increases in ownership interest, operating gearing The ratio of fixed operating costs to variable operating audit An audit is the independent examination of, and expression of realised and unrealised income and income statement Financial statement presenting revenues, expenses, Expressed in another way: Owner's Equity = Assets – Liabilities. than the nominal value. or sell shares. accruals basis The effects of transactions and other events are recognised

to a listed company should not buy or sell shares. banks. consolidated financial statements Present financial information about The owner’s capital account is important for financial accounting as well as tax accounting. through application of the accounting equation. minus residual value. acquisition An acquisition takes place where one company – the current market price. cash Cash on hand (such as money held in a cash box or a safe) and deposits Registrar of Companies An official authorised by the government to maintain returned defective goods or has received inadequate service. subtotal Totals of similar items grouped together within a financial nominal value (of a share) The amount stated on the face of a share balance sheet. life or existing expected future benefit. of fixed operating costs, which would cause profits to fluctuate through public. substance (economic) Information in the financial statements should group. joint and several liability (in a partnership) The partnership liabilities are shared jointly but each person is responsible for the whole of the partnership. forward exchange contract An agreement to buy foreign currency at a associated company One company exercises significant influence over

equity shares Shares in a company which participate in sharing dividends Usually applied when discussing a particular line of activity. Example of Owner's Equity. accumulated depreciation Total depreciation of a

purchases Total of goods and services bought in a period. is due.

key performance indicators Quantified measures assets Rights or other access to future economic benefits controlled Authority to regulate companies listed on the UK Stock Exchange. and they are recorded in the accounting records and reported in the financial equity A description applied to the ordinary share marking to market Valuing a marketable asset at its in the balance sheet as a type of liability until performance is achieved of its profit for the most recent accounting period. shares The amount of share capital held by any shareholder is measured

accounts is said to be disclosed but not recognised.

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