Flashcards in Accounting Principles and Procedures Deck (9)
What is the Primary Piece of Legislation governing companies in the UK?
Companies Act 2006
What is the companies Act 2006?
Main piece of legislation governing company law in the UK.
Name some components of the Companies Act 200
Indirect shareholders rights
What are some of the amendments to companies act in Jersey?
additional provisions to liquidation and winding up
Additional notifications for notice periods to shareholder meetings
What tools measure a companies financial strength?
Profit and loss statement
What are management accounts?
These contain P&L accounts and cash flow forecasts
Better info - accurate info on company activity
Better control - trends in product services
What is a balance sheet?
This reports companies assets liabilities and shareholders equity at specific point in time.
How does a cash flow statement differ from a profit and loss statement?
CF - inflow of cash
P&L - summarises cost and expenses