What are the three main elements of Financial Accounts?

  1. Income Statement (Profit or Loss Account)2) Balance Sheet (Statement of Financial Position3) Statement of Cash flows

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Toyosi paid £6,600 for insurance during the year ended 31/03/2014. The "insurance prepaid" account showed a balance of £390 as at 01/04/2013 and a balance of £450 as at 31/03/2014. Calculate the insurance expense for the year ended 31/03/2014.


What is an IAS?


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