Financial Training

assets

current assets

value

future incomes (debtors to pay us)

liabilities (to be paid out)

depreciation

Statutory Accounts

required

Balance Sheet liabilities are split between…

The Balance Sheet figures are often monitored by...?

The Balance Sheet shows...?

financial position

Trade creditors

lenders

financial statements

Employees

insight

depreciation

P&L

notes

fixed Assets

acquisition

additions

disposals

performance

Notes to the Accounts

require

Which financial statement in the Statutory Accounts shows the movements in cash for the period?

Who might use a companies Statutory Accounts?

The notes to the accounts...

The notes to the accounts...

Accruals concept

Prudence concept

Revenues

Expenses

accounting period

accruals basis

Accruals

Recognising

accounting period

invoice

Prepayments

accounting adjustments

cut off

timing of income

cut off date

Cost Center Managers

exhibition

consideration

“Revenues and Expenses are matched with and recorded in the period in which they relate to, not when payment is made or received.” Is a definition of;

Expenses should be recorded in the accounts...

An invoice dated in January has the following description. 

Maintenance Services carried out for 4 weeks from the 15th February                      €1,200

 The cost should be recognised as?

You have arranged for a HR consultant to give advice over a 6 month period starting in October. They mention that billing will be done at the end, and the cost will be €1,000 per month, so the bill is not due till March. 

You are very pleased with this because you are already over budget, and the year end is December so your new budget begins in January, but you need them to get started right away to boost productivity.