Accounting principles & procedures

Question 1

What are the three types of financial statement you may come across

Question 2

relating to a company?

Question 3

What is an asset / liability?

Question 4

Can you give me an example of each?

Question 5

What is the difference between financial and management accounts?

Question 6

What do you understand by the term Generally Accepted Accounting

Question 7

Principles (GAAP)?

Question 8

How do companies know which reporting framework to comply with?

Question 9

Which reporting framework do public limited companies have to comply with?

Question 10

Can you tell me about a common financial measure?

Question 11

What is the acid test / ROCE / working capital ratio / gearing ratio / net assets per share?

Question 12

Can you tell me what the role of an auditor is?

Question 13

When are audited accounts needed and why?

Question 14

How do public limited company accounts differ?

Question 15

Tell me something you understand from the Companies Act 2006.

Question 16

Tell me what it means to prepare accounts in accordance with IFRS.

Question 17

What is the difference between UK GAAP and IFRS?

Question 18

What is the basis of valuation under IFRS 13?

Question 19

What is fair value?

Question 20

What has changed in relation to lease accounting / IFRS 16?

Question 21

When did the change come into effect?

Question 22

What is FRS 102?

Question 23

What changes have been made to it?

Question 24

How has this impacted upon investment property?

Question 25

What are statutory accounts?

Question 26

Why is good financial record keeping important to you?

Question 27

Tell me three ways you ensure that clients' money is handled properly.

Question 28

What RICS guidance or Schemes do you adhere to in doing so?