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Study sets matching "accountancy cima"

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Study sets matching "accountancy cima"

70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
70 terms
Cima - Cost accounting
What is a cost unit?
What is a cost center?
What is a cost center?
What is meant by classification of cos…
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
,"A cost centre is a production or service location, a functi…
,A cost object is anything for which costs can be ascertained
,"The CIMA Terminology defines classification as the ˜ arrang…
What is a cost unit?
,"The CIMA Terminology defines a cost unit as ˜ a unit of pro…
What is a cost center?
,"A cost centre is a production or service location, a functi…
17 terms
CIMA P1 Cost Accounting Systems
Purpose of costing
Absorption costing
Marginal costings
Activity Based Costing (ABC)
Inventory valuation... To record costs... To price products... Decisio…
Method for determining the full production cost per unit. Inv…
A costing method which charges products or services with vari…
Alternative approach to product costing. Allocates costs to t…
Purpose of costing
Inventory valuation... To record costs... To price products... Decisio…
Absorption costing
Method for determining the full production cost per unit. Inv…
20 terms
CIMA F1 2015 - Chapter 11 - Introduction to Single Entity Accounts
Purpose of financial statements
A complete set of financial statements:
Responsibility for financial statements
IAS 1 does not...
To provide information about the financial position, performa…
- Statement of financial position... - Statement of profit or lo…
The Board of Directors of an entity is responsible for the pr…
specify the format of the financial statements, but it does p…
Purpose of financial statements
To provide information about the financial position, performa…
A complete set of financial statements:
- Statement of financial position... - Statement of profit or lo…
10 terms
CIMA F1 2015 - Chapter 2 - Accounting for Investments in Subsidiaries and Associates
3 types of investments in other entities
Basic invesments
Investment in associates
Investment in associates (2)
- Basic investments... - Investments in associates... - Investments…
When an entity buys shares in another entity paying cash, the…
When there is significant influence (IAS 28). In general, t…
Significant influence is usually evidenced by:... - representati…
3 types of investments in other entities
- Basic investments... - Investments in associates... - Investments…
Basic invesments
When an entity buys shares in another entity paying cash, the…
27 terms
CIMA Equations
Holding Period Return
Turnover Ratio
Taxable Equivalent Yield
Weighted Averages
Appreciation/Depreciation
The percentage of the fund that was turned over. Computed by…
TEY= Return / (1-Tax Rate)
WA= (Weight X Return) + (Weight X Return)
Holding Period Return
Appreciation/Depreciation
Turnover Ratio
The percentage of the fund that was turned over. Computed by…
25 terms
CIMA
cost accouting was prompted by Mr Mica…
Prompt .... To prompt someone to do some…
Character . ... A men of character .... The…
learning outcome
chi phí kế toán đã được nhắc nhở bởi ông Micawber, một nhân v…
(v) thúc đẩy ,nhắc nhở,gợi ý..... Xúi ai làm gì... (a) mau lẹ, nha…
(a) đặc tính, đặc điểm, tính cách ,nghị lực , nhân vật ..... Ng…
Kết quả học tập
cost accouting was prompted by Mr Mica…
chi phí kế toán đã được nhắc nhở bởi ông Micawber, một nhân v…
Prompt .... To prompt someone to do some…
(v) thúc đẩy ,nhắc nhở,gợi ý..... Xúi ai làm gì... (a) mau lẹ, nha…
41 terms
CIMA Chapter 17 - Options and Futures
Call Option
Put Option
Profitable Option
Premium
Right to BUY an asset at a specific price (called the strike…
Right to SELL an asset at a specific price (called the strike…
Is "In the Money!".
Amount paid for the Option.
Call Option
Right to BUY an asset at a specific price (called the strike…
Put Option
Right to SELL an asset at a specific price (called the strike…
9 terms
CIMA F1 2015 - Chapter 12 - IAS 7 Statement of Cash Flows
Cash from operations (indirect method)
Cash from operations (direct method)
Other cash outflows from operating act…
Cash flows from investing activities
Profit or loss is adjusted for the effects of transactions of…
Cash receipts from customers... + Cash receipts from other opera…
Inflows:... interest received... dividends received... proceeds from…
Cash from operations (indirect method)
Profit or loss is adjusted for the effects of transactions of…
Cash from operations (direct method)
Cash receipts from customers... + Cash receipts from other opera…
43 terms
CIMA F1 2015 - Chapter 13 - Non current assets
Property Plant and Equipment (PPE) are…
Carrying value
Cost
Depreciable amount
- are held by an entity for use in the production or supply…
the amount at which an asset is recognized after deducting an…
The amount paid and the fair value of other consideration g…
Cost - residual value
Property Plant and Equipment (PPE) are…
- are held by an entity for use in the production or supply…
Carrying value
the amount at which an asset is recognized after deducting an…
15 terms
CIMA E1 2015 - Managing the Finance Function
5 key activities of the finance function
5 main books of prime entry
Normal sequence
The 3 investor ratios
Accounting operations... Analysis... Planning... Decision making... Control
Purchases day book... Sales day book... Cash book... Petty cash book... J…
Transactions => Day Books => Ledger Accounts => Financial Sta…
EPS... P/E... Dividend Yield
5 key activities of the finance function
Accounting operations... Analysis... Planning... Decision making... Control
5 main books of prime entry
Purchases day book... Sales day book... Cash book... Petty cash book... J…
19 terms
CIMA
deemed
throughput
idle time
bottleneck
considered / uznany, uważany za
przerób, wydajność, przepustowość
czas, kiedy produkcja jest wstrzymana; przestój
wąskie gardło;... problem, który powoduje opóźnienia w produkcji
deemed
considered / uznany, uważany za
throughput
przerób, wydajność, przepustowość
9 terms
CIMA Cert CO2 - Chapter 2
Accounting Equation
Assets
Liabilities
Capital - Description
Assets = Liabilities + Capital
A resource that can be used by a business to derive revenue i…
An entity's obligation to transfer economic benefits as a res…
A special liability between the business and it's owners
Accounting Equation
Assets = Liabilities + Capital
Assets
A resource that can be used by a business to derive revenue i…
32 terms
CIMA F1 2015 - Chapter 3 - Consolidated Statement of Financial Position
Standard balance sheet workings (1)
Standard balance sheet workings (2)
Adjustments for consolidation accounti…
Non-controlling interest (NCI) shareho…
- Add 100% of the parent's and subsidiary's assets, liabiliti…
own the shares in the subsidiary not owned by the parent entity
Standard balance sheet workings (1)
Standard balance sheet workings (2)
12 terms
CIMA Certificate Level CO 4
Definition of Ethics
Key features of a framework based appr…
Key features of a Rule-based approach
Financial Reporting council
- the science of morality... - the difference between right and…
Long time frame... Prevention... Principles driven... Spirit of the La…
Short time frame... Detection... Law based... Letter of the law... Black…
Develop the ethical framework in the UK... Two members of this b…
Definition of Ethics
- the science of morality... - the difference between right and…
Key features of a framework based appr…
Long time frame... Prevention... Principles driven... Spirit of the La…
24 terms
CIMA Chapter 12 - Investment Policy Statements
Investment Policy Statements (IPS) - A…
IPS - Setting Investment Policy (3 Ste…
IPS - 9 Issues Addressed
IPS - 3 Primary Topics
1. Overview of a plan's delegation, authority and responsibil…
Step #1. Consultant gathers information, using carefully word…
1) Return requirements and expectations... 2) Variability of fut…
1) Statement of Objectives... 2) Risk Tolerance with Relevant Be…
Investment Policy Statements (IPS) - A…
1. Overview of a plan's delegation, authority and responsibil…
IPS - Setting Investment Policy (3 Ste…
Step #1. Consultant gathers information, using carefully word…
18 terms
CIMA F2 CHAPTER 8
IAS 37 Provisions, Contingent Liabilit…
A provision
A liability
Recognition of a provision IAS 37
IAS 37 introduced a set of criteria that must be satisfied be…
A provision is a liability of uncertain timing or amount.
A liability is a present obligation of the entity arising fro…
A provision should be recognised when:... • an entity has a pres…
IAS 37 Provisions, Contingent Liabilit…
IAS 37 introduced a set of criteria that must be satisfied be…
A provision
A provision is a liability of uncertain timing or amount.
12 terms
CIMA F2 CHAPTER 9
IAS 12 Income taxes
IAS 12 Current tax
IAS 12 Taxable profits
IAS 12 Current tax entries
The income tax expense in the statement of profit or loss typ…
Current tax is the estimated amount of tax payable on the tax…
Taxable profits are the profits on which tax is payable, calc…
Dr Income tax expense (SPL)... Cr Income tax liability (SFP - cu…
IAS 12 Income taxes
The income tax expense in the statement of profit or loss typ…
IAS 12 Current tax
Current tax is the estimated amount of tax payable on the tax…
21 terms
CIMA F2 CHAPTER 6
IAS 17 Leases
IAS 17 Indications of a finance lease
Operating leases
Accounting treatment for an operating…
IAS 17 Leases defines a lease as an agreement whereby the les…
• Legal title is transferred to the lessee at the end of the…
Under an operating lease the risks and rewards of ownership l…
• Lease payments are charged to the statement of profit or lo…
IAS 17 Leases
IAS 17 Leases defines a lease as an agreement whereby the les…
IAS 17 Indications of a finance lease
• Legal title is transferred to the lessee at the end of the…
17 terms
CIMA F2 CHAPTER 10
A construction contract
A construction contract - There are tw…
A construction contract - Recognise re…
A construction contract - Recognise re…
A construction contract is defined as a contract specifically…
1. Recognise results on completion... 2. Recognise results as co…
1. Complies with prudence since it will not be certain that t…
1. Complies with the matching concept as results will match w…
A construction contract
A construction contract is defined as a contract specifically…
A construction contract - There are tw…
1. Recognise results on completion... 2. Recognise results as co…
10 terms
CIMA Cert CO2 - Chapter 3 and 4
Book Keeping for the Statement of Fina…
P-E-A-R-L-S
Trial Balance (TB)
Balance Errors
DEBIT... Increase in Assets... Decrease in Liabilities... Decrease in…
DEBIT ... P-urchases... E-xpenses... A-ssets... CREDIT... R-evenue... L-iabili…
DEBITS = CREDITS... D... Assets ... Expenses... C ... Liablities... Capital o…
OMMISSION - Balance missed off completely... COMMISSION - One s…
Book Keeping for the Statement of Fina…
DEBIT... Increase in Assets... Decrease in Liabilities... Decrease in…
P-E-A-R-L-S
DEBIT ... P-urchases... E-xpenses... A-ssets... CREDIT... R-evenue... L-iabili…
9 terms
CIMA F1 2015 - Chapter 5 - Associates
Associates (IAS 28)
Significant influence
IAS 28 explains that an investor proba…
Accounting for associates
An associate is an entity over which the investor has *sign…
is the power to participate in, but not control, the financia…
- it is represented on the board of directors... - it particip…
the equity method is used
Associates (IAS 28)
An associate is an entity over which the investor has *sign…
Significant influence
is the power to participate in, but not control, the financia…
18 terms
CIMA F2 CHAPTER 17
Objective of statements of cash flows
Cash
Cash equivalents
Cash flows
• IAS 7 Statement of cash flows provides guidance on the prep…
Cash consists of cash in hand and deposits repayable upon dem…
Cash equivalents are short-term, highly liquid investments th…
Cash flows are inflows and outflows of cash and cash equivale…
Objective of statements of cash flows
• IAS 7 Statement of cash flows provides guidance on the prep…
Cash
Cash consists of cash in hand and deposits repayable upon dem…
24 terms
CIMA F2 CHAPTER 12
IFRS 10 - Consolidated financial state…
IFRS 10, an investor controls an inves…
IFRS 10 Preparation of consolidate fin…
IFRS 10 Exemption from group accounts
IFRS 10 Consolidated Financial Statements sets out the defini…
In accordance with IFRS 10, an investor controls an investee…
Consolidated financial statements should be prepared when the…
A parent need not present consolidated financial statements i…
IFRS 10 - Consolidated financial state…
IFRS 10 Consolidated Financial Statements sets out the defini…
IFRS 10, an investor controls an inves…
In accordance with IFRS 10, an investor controls an investee…
28 terms
CIMA Chapter 8 - Asset Allocation
2 Asset Allocation Methodologies
Graham & Dodd - University of Origin
MPT - University of Origin
Graham & Dodd - Approach
Graham & Dodd (Value Investing), MPT
Columbia University (1934)
University of Chicago
Financial Statements, Dividend Discount Modeling, Forward Loo…
2 Asset Allocation Methodologies
Graham & Dodd (Value Investing), MPT
Graham & Dodd - University of Origin
Columbia University (1934)
37 terms
CIMA F2 CHAPTER 3
A financial instrument
financial asset
A financial liability
An equity instrument
A financial instrument is any contract that gives rise to a f…
A financial asset is any asset that is:... • cash... • an equity in…
A financial liability is any liability that is a contractual…
An equity instrument is any contract that evidences a residua…
A financial instrument
A financial instrument is any contract that gives rise to a f…
financial asset
A financial asset is any asset that is:... • cash... • an equity in…
47 terms
CIMA F1 2015 - Regulatory Environment for financial reporting and corporate governance - Chapter 1 - Fundamentals of Business Taxation
Characteristics of a good tax accordin…
3 major principles of good tax policy
2 types of taxes
Tax incidence
- Fair (reflect person's ability to pay)... - Absolute (certain…
Equity... Efficiency (PAYE system)... Economic effects
- Direct: imposed directly on the person or enterprise requir…
The distribution of the tax burden (who is paying the tax)
Characteristics of a good tax accordin…
- Fair (reflect person's ability to pay)... - Absolute (certain…
3 major principles of good tax policy
Equity... Efficiency (PAYE system)... Economic effects
23 terms
Cima F1 - List of Examinable IAS's/IFRS's.
IAS 1
IAS 18
IFRS 5
IAS 8
Presentation of Financial Statements
Revenue
Non Current Assets Held for Sale and discontinued Operations
Accounting Policies, changes in accounting estimates and errors
IAS 1
Presentation of Financial Statements
IAS 18
Revenue
26 terms
CIMA Chapter 20 - Behavioral Finance
Mental Accounting
Overconfidence
Illusion of Knowledge
Illusion of Control
Individuals separate Investments into different "mental accou…
Individuals are overconfident about their abilities.
Information is easy to find, therefore the simple act of havi…
We think we have control over our investments.
Mental Accounting
Individuals separate Investments into different "mental accou…
Overconfidence
Individuals are overconfident about their abilities.
18 terms
CIMA E2 - 7. Control and the Finance Function
What is control?
3 levels of control
Control Strategies ( Ouchi)
Behavioural aspects of control
the process of ensuring that the operations proceed according…
Strategic - set policies and procedures... Tactical - planning f…
Market control - price mechanism and related performance ( in…
eg. accountants must consider the impact of their financial c…
What is control?
the process of ensuring that the operations proceed according…
3 levels of control
Strategic - set policies and procedures... Tactical - planning f…
23 terms
CIMA E2 - 1.b Contemporary Perspectives in Strategy Development
Contemporary Perspectives
Globalisation
Glocalisation
Internationalisation
Growth of internationalisation and globalisation means that,…
The growing economic interdependence of countries world wide.…
As global markets opened up, there emerges an increasing emph…
Extension of Trade beyond national/economic/political boounda…
Contemporary Perspectives
Growth of internationalisation and globalisation means that,…
Globalisation
The growing economic interdependence of countries world wide.…
77 terms
CIMA F3: FINANCIAL STRATEGY (BOYO's Notes)
SECTION 1: INTRODUCTION TO FINANCIAL S…
What is Financial Strategy?
How is Shareholder Wealth Maximised?
What are the Financial objectives of a…
...
Financial strategy can be defined as 'a course of action incl…
Maximising shareholder wealth is done through increasing prof…
The main financial objective is to maximise shareholder wealt…
SECTION 1: INTRODUCTION TO FINANCIAL S…
...
What is Financial Strategy?
Financial strategy can be defined as 'a course of action incl…
21 terms
CIMA F2 CHAPTER 6
IAS 17 Leases
IAS 17 Indications of a finance lease
Operating leases
Accounting treatment for an operating…
IAS 17 Leases defines a lease as an agreement whereby the les…
• Legal title is transferred to the lessee at the end of the…
Under an operating lease the risks and rewards of ownership l…
• Lease payments are charged to the statement of profit or lo…
IAS 17 Leases
IAS 17 Leases defines a lease as an agreement whereby the les…
IAS 17 Indications of a finance lease
• Legal title is transferred to the lessee at the end of the…
9 terms
C02 6. Accounting for indirect taxes and payroll
Output tax
Input tax
Net of output and input tax
Accounting for sales VAT
VAT on sales... CREDIT sales tax account
VAT on purchases... Can be reclaimed... DEBIT sales tax account
paid or reclaimed from the HMRC
DR receivables/ cash with gross amount inc. vat... CR sales tax…
Output tax
VAT on sales... CREDIT sales tax account
Input tax
VAT on purchases... Can be reclaimed... DEBIT sales tax account
6 terms
C01 Fundamentals of Management Accounting
C01
context of management accounting
cost identification and behavior
planning within organizations
context of management accounting; cost identification and beh…
purpose of management acccounting; role of management account…
methods for identifying cost; cost behavior.
budgetary control statements; statements of variance analysis.
C01
context of management accounting; cost identification and beh…
context of management accounting
purpose of management acccounting; role of management account…
37 terms
CIMA F2 CHAPTER 3
A financial instrument
financial asset
A financial liability
An equity instrument
A financial instrument is any contract that gives rise to a f…
A financial asset is any asset that is:... • cash... • an equity in…
A financial liability is any liability that is a contractual…
An equity instrument is any contract that evidences a residua…
A financial instrument
A financial instrument is any contract that gives rise to a f…
financial asset
A financial asset is any asset that is:... • cash... • an equity in…
51 terms
Econ Cima Test 2
For a risk averse person,
The idea of insurance
A high-ranking corporate official of a…
A company that produces wallpaper is c…
The pain of losing $1,000 on a bet exceeds the pleasure of wi…
Is to share risk.
Lower the price and lower the present value of the corporatio…
Rises. The company is more likely to buy the equipment.
For a risk averse person,
The pain of losing $1,000 on a bet exceeds the pleasure of wi…
The idea of insurance
Is to share risk.
7 terms
C02 8. Accounting for irrecoverable debts and allowances for receivables
Irrecoverable debts
accounting for irrecoverable debts
part payment of an irrecoverable debt…
Allowance for receivables
Amounts that the business will not receive from it's customers
DR Irrecoverable debts expense account (SPL)... CR receivables a…
Bring CR balance down from receivables... Payment... CR receivable…
Some debts are only doubtful and therefore not appropriate to…
Irrecoverable debts
Amounts that the business will not receive from it's customers
accounting for irrecoverable debts
DR Irrecoverable debts expense account (SPL)... CR receivables a…
8 terms
Academic Language Week 1
elaborate
explain
review
summarize
To explain in greater detail
to make something easier to understand
go over
verb - briefly retelling in your own words the main ideas and…
elaborate
To explain in greater detail
explain
to make something easier to understand
23 terms
CIMA E2 - 1.b Contemporary Perspectives in Strategy Development
Contemporary Perspectives
Globalisation
Glocalisation
Internationalisation
Growth of internationalisation and globalisation means that,…
The growing economic interdependence of countries world wide.…
As global markets opened up, there emerges an increasing emph…
Extension of Trade beyond national/economic/political boounda…
Contemporary Perspectives
Growth of internationalisation and globalisation means that,…
Globalisation
The growing economic interdependence of countries world wide.…
9 terms
Codes of ethics
Cima codes of ethics is based on
IFAC codes of ethics are developed fro…
Ethics
What are the cima codes of ethics
IFAC codes of ethics
Input from cima and global accountancy profession
Set of moral principles that guides behaviour
●objectivity... ●professional competence and due care... ●professio…
Cima codes of ethics is based on
IFAC codes of ethics
IFAC codes of ethics are developed fro…
Input from cima and global accountancy profession
13 terms
C02 18. Manufacturing account
bought in goods
finished goods
work in progress
raw materials
bought in as finished goods to be sold to customers
already manufactured and ready for sales
partly completed goods
purchased from suppliers and not yet used in production
bought in goods
bought in as finished goods to be sold to customers
finished goods
already manufactured and ready for sales
5 terms
7. Accrual and prepayment
Accrual expense
Prepaid expense
Accrued income
Prepaid income
Dr Expense account... Cr Accrual expense account
Dr Prepayment expense account... Cr Expense account
Dr Accrued income ... Cr Income account
Dr Income account... Cr Prepaid income account
Accrual expense
Dr Expense account... Cr Accrual expense account
Prepaid expense
Dr Prepayment expense account... Cr Expense account
6 terms
17. Manufacturing account
Prime cost
Factory costs of production
Cost of good completed
Cost of goods manufactured
Direct labour and direct material, inclu royalties
Prime and indirect costs (overheads)
Prime and indirect and WIP (start-finish)
Prime and indirect and WIP (start-finish).... All except distrib…
Prime cost
Direct labour and direct material, inclu royalties
Factory costs of production
Prime and indirect costs (overheads)
17 terms
professional ethics - ACRONYMS
IFAC
FRC
IESBA
AAT
International Federation of Accountants
Financial Reporting Council
International Ethics Standards Board for Accountants
Association of Accounting Technicians
IFAC
International Federation of Accountants
FRC
Financial Reporting Council
5 terms
2. Framework of financial statements
Separate entity concept
Accounting equation
Statement of Financial position
Income statement
...
Assets = Liability + Capital... Changes when two or more of the…
...
...
Separate entity concept
...
Accounting equation
Assets = Liability + Capital... Changes when two or more of the…
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