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 overseas profile in recent times and now helps a BSc (Hons) in utilized Accounting and an MBA.BPP studying Media is an ACCA professional writer. Paper F3 concentrates at the fundamentals of monetary accounting. the article is to provide scholars an exceptional grounding in double access book-keeping and the guidance of easy monetary statements for sole investors, partnerships and corporations. the most sections are: 1. The context and goal of monetary reporting 2. Accounting conventions three. Use of double access book-keeping four. Recording transactions and occasions five. getting ready an ordeal stability 6. getting ready easy monetary statementsThe syllabus is particularly just like the previous paper 1.1, yet contains extra aspect on credits transactions (particularly the reconciliation of provider statements earlier than fee is made). even though, Paper F3 excludes paintings on ratios and easy consolidated monetary statements, that are now in Paper F7.The above notes follow to either the overseas and united kingdom streams. even if, scholars could be conscious that ACCA's major movement is now foreign, with united kingdom being provided basically as a version. we offer fabrics for either the F3 overseas flow and the united kingdom variation. The examiner has reviewed the learn textual content, which concentrates at the key components of the syllabus and takes account of the examiner's tips on how subject matters may be tested. It features a step by step method of subject matters that scholars may well locate tough, equivalent to keep an eye on account reconciliations and suspense bills. there are numerous examples and questions in every one bankruptcy that can assist you coaching the techniques.BPP studying Media is the writer of selection for plenty of ACCA scholars and school prone around the world. sign up for them and plug right into a global of craftsmanship in ACCA checks.
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Additional info for ACCA - F3 Financial Accounting (INT): Study Text
This criticism may be made by those who advocate capital maintenance in physical terms. 6 Comparisons over time are unrealistic This will tend to an exaggeration of growth. For example, if a company's profit in 1966 was $100,000 and in 1999 $500,000, a shareholder's initial reaction might be that the company had done rather well.
B) Reliability. The information is free from material error or bias. (c) (d) Faithful representation. The information gives full details of its effects on the financial statements and is only recognised if its financial effects are certain. Neutrality. The information is free from bias. (e) Completeness. The information must present a rounded picture of its economic activities. (f) Comparability. The information should be produced on a consistent basis so that valid comparisons can be made with previous periods and with other entities.
The context is also important. (a) (b) If a statement of financial position shows non-current assets of $2 million and inventories of $30,000, an error of $20,000 in the depreciation calculations might not be regarded as material. Whereas an error of $20,000 in the inventory valuation is material. In other words, the total of which the error forms part must be considered. If a business has a bank loan of $50,000 and a $55,000 balance on bank deposit account, it will be a material misstatement if these two amounts are displayed on the statement of financial position as 'cash at bank $5,000'.