ZIMSEC A-Level Accounting
1.7Financial statements: IAS 1
Overview
The matrix row 'Financial statements' (in accordance with IAS 1 and IAS 7) for sole proprietors, partnerships and companies, small to medium or large businesses.
Learning objectives
What the syllabus expects you to be able to do.
- 1.7.1Effect year-end adjustments using the accruals concept.
- 1.7.2Prepare statements of profit and loss and other comprehensive income and of financial position for sole proprietors, partnerships (appropriation, capital and current accounts) and companies in accordance with IAS 1.
- 1.7.3Prepare statements of changes in equity of a company and explain revenue (distributable) and capital (non-distributable) reserves.
- 1.7.4Prepare statements of cash flows under IAS 7 for sole proprietors, partnerships and companies and notes to the financial statements.
- 1.7.5Summarise the contents of the directors' and auditors' reports.
Lessons
- Full access
Auditing, stewardship and directors' and auditors' reports
50 min
- Full access
Cash generated from operations
55 min
- Full access
Company statement of financial position
60 min
- Full access
Company statement of profit or loss
55 min
- Full access
Final accounts of a sole trader
60 min
- Full access
Notes and the schedule of non-current assets
60 min
- Full access
Partnership accounts: appropriation, capital and current accounts
60 min
- Full access
Statement of cash flows
65 min
- Full access
Statement of changes in equity
55 min
- Full access
Year-end adjustments to the draft financial statements
55 min
Join to read every lesson, or see what Full access includes.
Sample question
A sample question on this topic. Answer it, check it, then read the worked answer.
Turn Financial statements: IAS 1 into a strength.
Practise with instant marking, see your mastery grow and get a study plan built around your exam date.