ACCA - F3 Financial Accounting (INT): Study Text by Bpp Learning Media

By Bpp Learning Media

The organization of Chartered qualified Accountants (ACCA) is the worldwide physique for pro accountants. With over a hundred years of supplying world-class accounting and finance skills, the ACCA has considerably raised its foreign 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 a great grounding in double access book-keeping and the practise of easy 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 getting ready easy monetary statementsThe syllabus is especially just like the outdated paper 1.1, yet comprises extra aspect on credits transactions (particularly the reconciliation of provider statements prior to cost is made). even though, Paper F3 excludes paintings on ratios and easy consolidated monetary statements, that are now in Paper F7.The above notes observe to either the foreign and united kingdom streams. despite the fact that, scholars could be acutely aware that ACCA's major circulation is now foreign, with united kingdom being provided purely as a version. we offer fabrics for either the F3 foreign flow and the united kingdom version. The examiner has reviewed the learn textual content, which concentrates at the key parts of the syllabus and takes account of the examiner's assistance on how subject matters might be tested. It incorporates a step by step method of themes that scholars may possibly locate tricky, akin to regulate account reconciliations and suspense debts. there are many examples and questions in every one bankruptcy that can assist you guidance the techniques.BPP studying Media is the writer of selection for lots of ACCA scholars and university services world wide. sign up for them and plug right into a international of craftsmanship in ACCA tests.

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Example text

11 Neutrality Information must be free from bias to be reliable. Neutrality is lost if the financial statements are prepared so as to influence the user to make a judgement or decision in order to achieve a predetermined outcome. 12 Prudence Uncertainties exist in the preparation of financial information, eg the collectability of doubtful receivables. These uncertainties are recognised through disclosure and through the application of prudence. Point to note Prudence does not, however, allow the creation of hidden reserves or excessive provisions, understatement of assets or income or overstatement of liabilities or expenses.

A) Measurement bases used in preparing the financial statements (see Section 5) (b) Each specific accounting policy necessary for a proper understanding of the financial statements (see Section 6) To be clear and understandable it is essential that financial statements disclose the accounting policies used in their preparation. This is because policies may vary, not only from entity to entity, but also from country to country. As an aid to users, all the major accounting policies used should be disclosed in the same note.

3 Holding gains on inventories are included in profit Another criticism of historical cost depreciation is that it does not fully reflect the value of the asset consumed during the accounting year. During a period of high inflation the monetary value of inventory held may increase significantly while they are being processed. The conventions of historical cost accounting lead to the unrealised part of this holding gain (known as inventory appreciation) being included in profit for the year. Exam focus point The following example is given to help your understanding of this difficult concept.

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