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theory

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › theory

  • This topic has 1 reply, 1 voice, and was last updated 8 months ago by Flora.May.
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    Posts
  • September 5, 2024 at 12:54 am #710799
    Flora.May
    Participant
    • Topics: 10
    • Replies: 13
    • ☆

    N purchased some low value equipment and charged the cost as an expense rather than capitalising it to the NCA account .
    what accounting concept is being applied here?
    1- substance over form
    2-accrual
    3- materiality
    4-going concren

    September 5, 2024 at 1:32 am #710801
    Flora.May
    Participant
    • Topics: 10
    • Replies: 13
    • ☆

    one more question
    which of the follow are true
    1-partnership is not required to prepare financial statements to comply with IFRS
    2- the partnership pays profit to partners in the form of dividends
    3-a partnership has its own tax liabilities ,separate to that of its owners
    4-the partners has unlimited liability for the debts of the business

    can you explain each as well? like why they are true or false?

    thanks for your time and support.

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