Answer to FA Test Paper FA No 3 Test On Accounting Concept & Regulatory Framework IDENTIFICATION OF BASIC ACCOUNTING (1) Business Entity Mr X, the sole proprietor of Company XY does not list his personal house on the balance sheet of Company XY (2) Full Disclosure Company A included a disclosure note describing a lawsuit … Read more
FA Test Paper FA No 3 Test On Accounting Concept & Regulatory Framework IDENTIFICATION OF BASIC ACCOUNTING (1) ? Mr X, the sole proprietor of Company XY does not list his personal house on the balance sheet of Company XY (2) ? Company A included a disclosure note describing a lawsuit it is defending … Read more
Tabulated below are the major differences of the financial statement of a Partnership and Limited Company: Partnership Limited Company More than one capital account. The number of capital account depends on the number of partners in the Partnership concern. Shareholders fund which comprises many categories like share capital, retained earnings, other revenue and capital reserves. … Read more
Tabulated below are the major differences of the financial statement of a Sole Proprietorship and Partnership: Sole Proprietorship Partnership Only one Capital Account More than one capital account. The number of capital account depends on the number of partners in the Partnership concern. All the profit belongs to the owner Profit & loss is distributed … Read more
Tabulated below are the major differences of the financial statement between a Sole Proprietorship and a Limited Company Sole Proprietorship Limited Company The owner’s equity has only one item which is the owner’s equity account Shareholders fund = Share Capital + Retained Earnings + Other Revenue & Capital Reserves Tax on the income of the … Read more
Append below a listing of Accounting Bodies for those who are interested to visit their sites:- INTERNATIONAL PROFESSIONAL ACCOUNTANCY BODIES: International Federation of Accountants (IFAC) – an organization which represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession. … Read more
Append below a listing of Accounting Bodies for those who are interested to visit their sites:-Â INTERNATIONAL PROFESSIONAL ACCOUNTANCY BODIES:Â International Federation of Accountants (IFAC) – an organization which represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession. … Read more