Financial statements

What the syllabus asks of you

• Statement of profit or loss: the meaning and purpose of the statement of profit or loss
• Statement of profit or loss: the contents of a statement of profit or loss: revenue, cost of sales, gross profit, expenses, profit from operations (operating profit), taxation, profit for the year, dividends, retained earnings
• Statement of profit or loss: amendment of a statement of profit or loss
• Statement of profit or loss: the impact on the statement of profit or loss of a given change
• Statement of financial position: the meaning and purpose of statement of financial position
• Statement of financial position: the contents of a statement of financial position including non-current assets, current assets, current liabilities, net current assets, net assets, non-current liabilities, reserves and equity
• Statement of financial position: amendment of a statement of financial position
• Statement of financial position: the relationships between items in the statement of profit or loss and the statement of financial position
• Inventory valuation: the difficulties of valuing inventory
• Inventory valuation: the net realisable value method
• Depreciation: the role of depreciation in the accounts
• Depreciation: the impact of depreciation (straight-line method only) on the statement of financial position and the statement of profit or loss