| University | University of London (UOL) |
| Subject | AC1025 Principles of Accounting Assignment |
Required:
(a) Prepare an income statement for the year ended 31 December 2022, a statement of financial position at that date, and a statement of movements in equity note for 2022, all in good style, for the directors. (25 marks)
(b) Accounting Policy is a set of accounting principles, measurement bases,
conventions and rules that are used by a particular company to report a particular type of transaction or item in the financial statements.
For example, Depreciation: straight-line basis at 1% pa. Unless the user is made aware of which policies are followed, he/she is unable to understand the figures since the results can be altered significantly by the choice of accounting policy.
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