Term
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Definition
| The process of identifying, measuring and communicating information to permit informed judgements and decisions by users of the information |
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Term
| State the key Qualitative Characteristics of Accounting Information |
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Definition
| Relevance, Reliability, Comparability, Understandability |
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Term
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Definition
| A financial plan for the short term, typically one year. |
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Term
| What is a "cashflow statement" |
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Definition
| The statement which shows the sources and uses of cash for a period |
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Term
| What is an "Income Statement" |
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Definition
| The statement which measures and reports how much wealth (profit) has been generated in a period |
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Term
| What is the "Statement of changes in equity" |
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Definition
| The statement which shows all changes in the owners interest in the net assets of the business as a result of transactions and events during a period |
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Term
| What is a "balance sheet" |
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Definition
| A statement of financial position which shows the assets of a business and the claim on those assets |
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