Week 2 Flashcards
Lecture 1 and Tutorial 1
A complete set of financial statements comprises what?
- Statement of financial position - SFP
- Statement of changes in equity - SCIE
- Statement of profit or loss and other comprehensive income– SCI
- Statement of cash flows - SCF
How can the Statement of Profit or Loss and Other Comprehensive Income (SCI) be shown?
- A statement of P&L and other comprehensive income showing total comprehensive income
- A statement of profit or loss showing the realised profit or loss for the period plus a statement showing other comprehensive income
What’s format 1 by function?
Revenue
(Cost of sales)
Gross profit
(Distribution costs)
(Administrative expenses)
Profit from operations
(Finance costs)
Investment income
Profit before tax
(Income tax expense)
Profit for the year
Other comprehensive income
Revaluation gain
Total comprehensive income
Where does go PPE on the SFP?
Non-current Assets
Where does Investment property go on the SFP?
Non-current Assets
Where does Intangible Assets go on the SFP?
Non-current Assets
Where does Inventory go on the SFP?
Current Assets (also trading account)
Where does Trade receivables go on the SFP?
Current Assets
Where does Cash and cash equivalents go on the SFP?
Current Assets
Where does Assets held for sale go on the SFP?
Current Assets
Where does Share capital go on the SFP?
Capital and reserves section
Where does Share Premium go on the SFP?
Capital and reserves section
Where does Revaluation surplus go on the SFP?
Capital and reserves section
Where does Retained Earnings go on the SFP?
Capital and reserves section
What’s retained earnings also known as?
Accumulated profits
