By Bpp Learning Media
The organization of Chartered qualified Accountants (ACCA) is the worldwide physique for pro accountants. With over a hundred years of offering world-class accounting and finance skills, the ACCA has considerably raised its overseas profile lately and now helps a BSc (Hons) in utilized Accounting and an MBA.BPP studying Media is an ACCA legit writer. Paper F3 concentrates at the fundamentals of economic accounting. the item is to offer scholars an exceptional grounding in double access book-keeping and the guidance of uncomplicated monetary statements for sole investors, partnerships and corporations. the most sections are: 1. The context and goal of economic reporting 2. Accounting conventions three. Use of double access book-keeping four. Recording transactions and occasions five. getting ready a tribulation stability 6. getting ready simple monetary statementsThe syllabus is especially just like the previous paper 1.1, yet comprises extra aspect on credits transactions (particularly the reconciliation of provider statements earlier than cost is made). notwithstanding, Paper F3 excludes paintings on ratios and uncomplicated consolidated monetary statements, that are now in Paper F7.The above notes follow to either the overseas and united kingdom streams. although, scholars may be acutely aware that ACCA's major circulation is now foreign, with united kingdom being provided in basic terms as a variation. we offer fabrics for either the F3 foreign movement and the united kingdom version. The examiner has reviewed the research textual content, which concentrates at the key parts of the syllabus and takes account of the examiner's suggestions on how subject matters might be tested. It encompasses a step by step method of themes that scholars may perhaps locate tricky, akin to keep watch over account reconciliations and suspense money owed. there are numerous examples and questions in every one bankruptcy that can assist you preparation the techniques.BPP studying Media is the writer of selection for plenty of ACCA scholars and institution services all over the world. sign up for them and plug right into a global of craftsmanship in ACCA tests.
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Additional info for ACCA - F3 Financial Accounting (INT): Study Text
During the year he sells 17 machines at $150 each. How should the remaining machines be valued at 31 December in the following circumstances? (a) (b) He is forced to close down his business at the end of the year and the remaining machines will realise only $60 each in a forced sale. He intends to continue his business into the next year. Answer (a) (b) If the business is to be closed down, the remaining three machines must be valued at the amount they will realise in a forced sale, ie 3 × $60 = $180.
Profits should only be recognised when realised in the form of cash or another asset with a reasonably certain cash value. 14 Examples: Prudence Some examples might help to explain the application of prudence. (a) A company begins trading on 1 January 20X5 and sells goods worth $100,000 during the year to 31 December. At 31 December there are accounts receivable outstanding of $15,000. Of these, the company is now doubtful whether $6,000 will ever be paid. The company should make an allowance for receivables of $6,000.
1 Purpose and status The introduction gives a list of the purposes of the Framework. (a) Assist the Board of the IASB in the development of future IFRSs and in its review of existing IASs. (b) Assist the Board of the IASB in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by IASs. Assist national standard-setting bodies in developing national standards.