Accounting Principles & Procedures

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Auditing is a fundamental process that ensures the accuracy and reliability of financial statements. An audit involves a thorough...

Imagine a small UK property company named "Brick & Mortar Estates" that owns apartments for rent. Here's a simplified cash flow statement...

A cash flow statement is like a detailed log of a company's cash incomings and outgoings over a specific period. It shows you where the...

Imagine "Brick & Mortar Ltd." owns a block of flats in London. This is a simplified P&L for one year: Revenue: Rent receivable from...

A profit and loss statement (P&L) is like a report card for a company's performance over a specific period, usually a quarter or a year....

Assets: Fixed assets: £500,000 (Residential property owned by the company) Current assets: Cash: £100,000 Accounts receivable (money owed...

A balance sheet is like a snapshot of a company's financial health at a specific point in time. It's like a photograph that captures what...

Accounting principles are the ground rules used to prepare financial statements that are consistent, reliable, and comparable. They...

Here's a breakdown of how property/assets are treated in an entity's accounts: Recognition: Definition of an asset: To be recognised, a...

Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are the two most widely used sets...

While not directly prescribing accounting principles, the RICS does emphasise the importance of understanding and applying fundamental...