Applied Skills

Management Accounting, Costing & Performance Relevant Cost Only future cash flows that change with the decision matter. Study card → Accounting, Financial Reporting & IFRS IFRS 15 Five-Step Revenue Model A structured model for deciding when and how much revenue to recognise. Study card → Management Accounting, Costing & Performance Flexible Budget A budget adjusted to actual activity level. Study card → Accounting, Financial Reporting & IFRS IFRS 16 Lease Liability Most leases create both a right-of-use asset and a lease liability. Study card → Management Accounting, Costing & Performance Variance Analysis Explaining why actual results differ from standard or budget. Study card → Accounting, Financial Reporting & IFRS IAS 16 Component Depreciation Significant parts of an asset may need separate depreciation. Study card → Financial Management, Investment & Valuation Time Value of Money Money today is worth more than the same money later. Study card → Accounting, Financial Reporting & IFRS IAS 36 Impairment Indicator A warning sign that an asset may be worth less than its carrying amount. Study card → Financial Management, Investment & Valuation Net Present Value Discount future cash flows and subtract initial investment. Study card → Accounting, Financial Reporting & IFRS IAS 37 Provision Recognition A provision is recognised only when strict conditions are met. Study card → Financial Management, Investment & Valuation Weighted Average Cost of Capital The blended cost of debt and equity financing. Study card → Accounting, Financial Reporting & IFRS Goodwill on Consolidation Goodwill represents the premium paid for a business beyond identifiable net assets. Study card → Financial Management, Investment & Valuation Working Capital Cycle How long cash is tied up in inventory and receivables. Study card → Audit, Assurance & Ethics Audit Risk Model Audit risk comes from inherent risk, control risk and detection risk. Study card → Internal Audit, Risk, Control & Compliance Control Design vs Operating Effectiveness A control can be well designed but poorly operated. Study card → Audit, Assurance & Ethics Materiality in Auditing A matter is material if it could influence users' decisions. Study card → Audit, Assurance & Ethics Test of Controls Testing whether internal controls operated effectively. Study card → Audit, Assurance & Ethics Substantive Procedure Direct testing to detect material misstatements. Study card → Audit, Assurance & Ethics External Confirmation Evidence obtained directly from an independent third party. Study card → Audit, Assurance & Ethics Audit Sampling Testing less than 100% of a population to draw a conclusion. Study card → Taxation & Bangladesh Compliance Residential Status for Tax Residency decides whether global income or only Bangladesh-source income is taxable. Study card → Corporate Law, Governance & Secretarial Practice Directors' Fiduciary Duties Directors must act honestly and in the company's best interest. Study card → Management Accounting, Costing & Performance Activity-Based Costing Assign overheads based on activities that drive costs. Study card →