2015年ACCA考试《F3财务会计》辅导资料8
ACCA考试《F3财务会计》辅导资料7
ACCA考试《F3财务会计》辅导资料7本文由高顿ACCA整理发布，转载请注明出处Session 3 Double entry bookkeeping☆The duality concept and double entry bookkeepingDuality concept: each and every transaction has a double effect on the business and the accounting equations.(A= C + L)Rules of double entry bookkeeping:● Each time a transaction is recorded, both effects must be taken into account.● These two effects are equal and opposite such that the accounting equation will always prove correct.Assets – Liabilities = Capital● Traditionally, one effect is referred to as the debit side ( Dr.) and the other as the credit side of the entry (Cr.)☆Ledger accounts, debits and creditsLedger account:● transactions are recorded in the relevant ledger ac counts. There is a ledgeraccount for each asset, liability, revenue and expenses’ item, and for the owner’s capital.● Each account has two sides: the debit and credit sides.● The duality concept means that each transaction will affect two le dger accounts● One account will be debited and the other credited● Whether an entry is to debit or credit side of an account depend on the types of account and the transaction.☆Recording cash transactionsCash transactions:Payment is made or received immediately.Cheque payments or receipts are classed as cash transactions.Double entry involves the bank ledger:A debit entry is where funds are receivedA credit entry is where funds are paid out.☆Recording credit sales and purchasesCredit sales and purchases:● are transactions where goods or services change hands immediately● payment is not m ade or received until some time in the future.Receivables and payables:● Money that a business is owed is accounted for in the receivables ledger● Money that a business owes is accounted for in the payables ledger.Example:Norris notes down the following transactions that happened to Avon in June.1.Sell goods for $250 – the customer will pay in a month.2.Pay $50 petrol for the delivery van.3.Buy $170 goods for resale on credit.4.Buy another $40 goods for resale, paying cash.5.Buy a new computer for the business for $800.Record these transactions using ledger accounts.Solution:1.Dr. Trade receivables250Cr. Sales2502.Dr. Petrol Expense50Cr. Cash in bank503.Dr. Purchase170Cr. Trade payables1704.Dr. Purchase40Cr. Cash in bank405.Dr. Computer800Cr. Cash in bank800● Perpetual and Periodic inventory systemDetailed record of inventory movement in and out of the business can be a very tedious and inefficient process. Such a system of keeping stock records is known as the perpetual system.In a retail business with high stock turnover (i.e. the inventory move very fast) it is almost impossible to keep detailed records of every item of stock that is received and sold, and to recognize the profit on sale of very single item of stock, in such circumstance, the periodic inventory system is applied.In other words, the inventory account remains stagnant through out the entire period.An inventory count is performed at the end of the accounting period to determine the inventory held on hand.Profit is established by taking sales less cost of goods sold, whereCost of goods sold = Beginning inventory + Purchasing – Ending inventory更多ACCA资讯请关注高顿ACCA官网：。
2015年ACCA考试《F3财务会计》辅导资料14
2015年ACCA考试《F3财务会计》辅导资料14本文由高顿ACCA整理发布，转载请注明出处Session 9 Non-current assetsMain contents:1.Basic concepts of non-current assets2.Depreciation of non-current asset3.Disposal of non-current asset4.Revaluation of non-current asset9.1 Non-current assetsNon-current assets are distinguished from current assets by the following characteristics: they are- Long-term in nature- Not normally acquired for resale- Could be tangible or intangible- Used to generate income directly or indirectly for a business- Not normally liquid assets (i.e.not easily and quickly converted into cash without a significant loss in value.)●Capital and revenue expenditureCapital expenditure:- Expenditure on the acquisition of non-current assets required for use in the business, not for resale.- Expenditure on existing NCA aimed at increasing their earning capacity.- Long-term in nature: the business intends to receive the benefits of the expenditure over a long period of time.Revenue expenditure:- Expenditure on current assets- Expenditure relating to running the business ( such as administration costs.)- Expenditure on maintaining the earning capacity of NCA e.g.repairs and renewals.●Non-current registersA record of the NCA held by a business.These form part of the internal control system of an organization.Details held may include:- Cost- Date of purchase- Description of asset- Serial/reference number- Location of asset- Depreciation method- Expected useful life- Net book value●Acquisition of a non-current assetInitial cost:- The cost of a NCA is any amount incurred to acquire the asset and bring it into working condition.- All non-current assets must initially recognized at cost.Cost = purchase price- Trade discount- Rebates+ Direct cost (Delivery cost, Legal)Delivery cost is the cost that bringing it into working condition forIts intended useInitial costs excludes: admin costsGeneral overheadsAbnormal costsAny costs incurred after asset is ready for usee.g.Excludes: revenue expenditure such as●Repairs●Renewals●RepaintingSubsequent expenditure:Can only be recorded as part of the cost (or capitalized), if it enhances the benefits of the asset, i.e.increases the revenues capable of being generated by the asset.The correct entry to record the double entry is:Dr.Non-current assetCr.Cash/ Bank/ PayablesA separate cost account should be kept for each category of non-current asset,e.g.motor cars, fixture and fittingsExample:Bilbo Baggins started a business providing limousine taxi services on 1 January 20x5.In the year to 31 December he incurred the following costs:$Office premises250,000Legal fees associated with purchase of office10,000Cost of materials and labour to paint office in300Bilbo’s favourite colou r, purpleMercedez E series estate cars 116,000Number plates for cars210Delivery charge for cars180Road licence fee for cars480Drivers’ wages for first year of operation60,000Blank taxi receipts printed with Bilbo450Baggin’s business name and numberWhat amounts should be capitalized as “ Land and buildings” and “ Motor vehicles”? Land and MotorBuildings Vehicles$ $A.260,000116,390B.250,000116,870C.250,300116,390D.260,300116,870Solution:The correct answer is ALand and buildings$Office premises250,000Legal fees10,000260,000●The cost of the purple paint does not form part of the cost of the office and so should not be capitalized.Instead it should be taken to the income statement as a revenue expense.Motor vehicles$3 Mercedes E series116,000Number plates210Delivery charges 180116,390- The number plates are one-off charges which form part of the purchase price of any car.- The road licence fee, drivers’ wages and receipts a re ongoing expenses, incurred every year.They cannot be capitalized, but should be taken to the income statement as expenses.9.2 Accounting treatment of depreciation: - a mechanism to reflect the cost of using a non-current asset(i)Depreciation is charged as an expense in the profit and loss account(ii)The corresponding credit is accumulated in the provision for depreciation account in the balance sheet to offset against the original cost of the fixed assets.●Method of depreciation:Straight-line methodThe depreciable amount is spread evenly across the useful life of the fixed asset, resulting in same amount of depreciation charged every year.Depreciation charge = Cost of asset minus residual valueExpected useful life of the assetResidual value: the estimated disposal value of the asset at the end of its useful life.Example:A non-current asset costing $60,000 has an estimated life of five years and a residual life of $7,000.The annual depreciation charge using the straight line method would be calculated as follows:$( 60,000 – 7,000)= $10,600 per annum5 yearsThe net book value of the fixed assets would reduce each year as follows:After 1 year after 2 years after 3 years after 4 years after 5 years$$ $$ $Cost60,00060,00060,00060,00060,000Accumulated10,60021,20031,80042,40053,000DepreciationNet book value 49,400 38,80028,20017,6007,000 (estimated residual value)Reducing balance methodA fixed depreciation rate ( percentage)is applied to the fixed asset’s net bookvalue( cost less accumulated depreciation)every year.Since net book value diminishes yearly, the depreciation charge falls every year.Depreciation charge = X% x net book valueNet book value = Cost of an asset – accumulated depreciationAsset bought/sold in the period:- full year’s depreciation in the year of acquisition and none in the year of dispo sal- monthly or pro rata，based on the exact number of months that the assets has been owned.Exercise 1 :Hopkins who makes up accounts to 31 December, buys a car on 1 January 20x1 for $5,000. The depreciation policy is 20% pa(每年), using the reducing balance method. What is the depreciation charge for each of the first five years?Year 20%on Depreciation Accumulated Net booknet book value charge Dep.value20x1 20% of $5,000$1,000$1,000$4,00020x220% of $4,0008001,8003,20020x320% of $3,2006402,4402,56020x420% of $2,5605122,9522,04820x520% of $2,0484103,3621,63820x620% of $1,6383283,6901,310Exercise 2:The following information relates to B & S, a car repair business:Machine 1Machine 2Cost$12,000$8,000Purchase date 1 August 20x5 1 October 20x6Depreciation20% straight line10% reducing balanceMethod pro-rata pro- rataWhat is the depreciation charge for years ended 31 December 20x5 and 31 December 20x6?20x5 20x6$$A.2,4002,600B.1,000 2,600C.2,4003,200D.1,0003,200Solution:- for machine 1:20x5: 20% x 12,000 x 5/12 = 1,00020x6: 20% x 12,000= 2,400- for machine 2:20x6: 10% x 8,000 x 3/12=200Total depreciation: 20x5: 1,00020x6: 2,400 + 200 = 2,600Answer: B●Accounting for depreciation: - whichever method is used to calculate depreciation, the accounting remains the same:Journal entry is:Dr. DepreciationCr. Accumulated Depreciation ( provision for depreciation)Accumulated depreciation account is cumulative, i.e. reflects all depreciations to date.Cost XAccumulative Depreciation (X)NBV X●Consistency and subjectivity when accounting for depreciation:- The following are all based on estimates made by the management of a business:Depreciation methodResidual valueUseful life- Different estimates would result in varying levels of depreciation, andconsequently, profits.- It can be argued that these subjective areas could therefore result in manipulation of the accounts by management.- In order to reduce the scope for such manipulation and increase consistency of treatment, IAS 16 Property, Plant and Equipment requires the following:depreciation method should be reviewed at each year end and changed if the method used no longer reflects the pattern of the use of the asset.residual value and useful life should be reviewed at each year end and changed if expectations differ from previous estimates.Ex 3. A purchased a non-current asset for $100,000 on 1 January 20x2 and started depreciating it over 5 years. Residual value was taken as $10,000.At 1 January 20x3, a review of asset lives was undertaken and the remaining useful life was estimated at 8 years. Residual value was estimated nil.Calculate the depreciation charge for the year ended 31 December 20x3 and subsequent years.Solution:Initial depreciation charge (100,000-10,000)/5 = 18,000NBV at date of charge: 100,000-18,000 = 82,000New depreciation charge: 82,000/8 = 10,2509.3 Disposal of fixed assets●Profit or loss on disposal- Proceeds (Selling price- cash or part disposal allowance)Proceeds > NBV at disposal date Profit- Proceeds < NBV at disposal date Loss- Proceeds = NBV at disposal date Neither●Disposal for cash considerationStep 1. Remove the original cost of the non-current asset from the “non-current asset” account.Dr. DisposalCr. Non-current asset original cost non-current assetStep 2. Remove accumulated depreciation on the non-current asset from the “accumulated depreciation” account.Dr. Accumulated depreciation XCr. Disposals XStep 3. Record the cash proceedsDr. Cash proceedsCr. Disposal●Disposal through a part exchange agreement- it arises where an old asset is provided in part payment for a new one, the balance of the new asset being paid in cash.- The procedure to record the transaction is very similar to the three-step process seen for a cash disposal.- But there is the fourth step:Step 1. Remove the original cost of the non-current asset from the “non-current asset” account.Dr. Disposal XCr. Non-current asset original cost non-current asset XStep 2. Remove the accumulated depreciation on the non-current asset from the “accumulated depreciation” account.Dr. accumulated depreciation XCr. Disposals XStep 3. Record the part exchange allowance (PEA) as proceedsDr. non-current asset (= part of the new asset) PEACr. Disposal (= sale proceeds of the old assets) PEAStep 4. Record the cash paid for the new assetDr. non-current asset cashCr. CashAgain, the balance on the T account is the profit or loss on disposal.更多ACCA资讯请关注高顿ACCA官网：。
超全ACCA FA(F3) 8-11章知识点总结(三)(干货精选)
超全ACCA FA（F3）8-11章知识点总结（三）（干货精选）ACCA F3是Financial Accounting (FA) 财务会计的简称，主要介绍了财务会计准则、相关会计科目账户建立以及准确财务信息的提供。
F3总体来说知识点细碎，考试范围广，要想掌握好F3的知识点，大量的练习是不可少的。
F3的整体难度为2颗星，建议留出一个月时间备考。
小盟君继续为大家分享ACCA F3知识点。
接前两次1-7章知识点，这次分享8-11章。
1. 每期期末算折旧：使用过程中（每期期末算折旧）：Dr : depreciation expenseCr :accumulated depreciation2. 固定资产的处置 :卖出固定资产（固定资产的处置）：Dr : disposal accountCr : non-current assetDr : accumulated depreciationCr : disposalDr : cash/bankCr : disposal accountDr: disposalCr : disposal gain3.市值涨价(土地、房屋)：土地：Dr: land Cr: revaluation surplus房屋：Dr : buildingDr : Accumulated depreciationCr : revaluation surplus4.Capital expenture&Revenue expenture：Capital expenture资本化支出：花出一笔钱的同时要增加一项固定资产；Revenue expenture费用化支出：需要maintain的费用（水费电费……）5.折旧：直线折旧法straight line：dep=(cost-residue value)/years；余额递减法reducing balance line：dep=%（折旧比例）×（cost-RV）；Proportionate depreciation 按比例(大部分是按月出现，记得乘以十二分之月份)；Full year depreciation；考试一般考的是FIFO 和 weight average6.Fair value现值：NBV (net book value)账面净值Revaluation surplus 重估增值=f.v - NBV7.retained earning :每年都会有一笔尚未实现的收益转到retained earningDr : revaluation surplusCr : retained earning8.研究阶段 :花出去的所有钱都计入到SPL中做为exp的一项9.Research&Development&Useful life：Research：expense；Development：expense（满足资本化实点后是capital）；Useful life：amortization（expense）10.Amortization（无形资产的摊销）:不进行摊销时：要每年进行重估；有使用年限时：要用直线法进行摊销11.预付:prepayment 付款期>会计期，属于资产12.预提：accural是current liability 付款期晚于账期13.Accured income收款滞后：Dr：accured income；Cr：bank interest income14.Prepaid income提前收款：Dr：rental income；Cr：prepaid income15.Cash/bank：Cash/bank 永远出现在增加的一边，而结转b/f与SPL永远出现在减少的一方。
超全ACCA FA(F3) 12-15章知识点总结(四)(干货精选)
超全ACCA FA（F3）12-15章知识点总结（四）（干货精选）ACCA F3是Financial Accounting (FA) 财务会计的简称，主要介绍了财务会计准则、相关会计科目账户建立以及准确财务信息的提供。
F3总体来说知识点细碎，考试范围广，要想掌握好F3的知识点，大量的练习是不可少的。
F3的整体难度为2颗星，建议留出一个月时间备考。
小盟君继续为大家分享ACCA F3知识点。
1-11章知识点已经分享完，今天分享12-15章。
1. Provision 预计负债：Provision 预计负债（属于负债类liability）可能发生也可能不发生。
确认了的话：a present obligation by a past event payment is probable 支付是很可能发生的，金额是可以可靠估计的 estimated reliability。
①legal：法律规定的②constructive：推定的，法律层面并没有强制要求，是自己品德高尚愿意承担2. contingencies 或有事件 :Contingent liability：或有负债（一笔潜在的负债）是潜在的义务不能被可靠估计，不进行确认和账务处理；Contingent asset：或有资产（由过去的事导致发生的一笔潜在的资本）由将来的事情确定是否会发生不进行确认，不是一项资产。
3.Assets：4.Liability：5.Sole trader：Sole trader 的所有者权益只有一个数，没有下一级的会计科目。
6.Share capital股本：①Authorised cap ital可发行股本≥issued capital 已发行股本≥called-up capital已认购股本≥paid-up capital已支付股本；（做题时默认后三个相等）②ordinary share普通股（具有投票权）股东拥有Preference share优先股（先分股息）没有投票权；③股票的发行不可以折价发行Nominal or par value票面价格（永远不会发生变动）；Issue value 发行价（等价或异价发行，大于票面价格）公司卖给股东的；Market value市值（日常记账不会记录，与公司的运营无关）；④股本这个会计科目只用于核算它的票面金额Dr: bank/cashCr :ordinary share 发行股数×票面金额Cr :share permium 差值（异价）×发行股数⑤ordinary share征发的俩种形式：right issue附权股能够融得新资金发行附权股：Dr: bank/cash（发行数×数量）Cr :ordinary share capital（票面×数量）Cr :share premium（异价×数量）bonus issue红利股：白给出去的股票，向现有股东发行，公司并没有融得资金Share premium>ordinary share capital: Dr : share premium accountCr : ordinary share capitalS.P < O.S.C : Dr :share premiun accountDr :retained earningCr :ordinary share capital⑥preference 优先股Redeemable preference shares 可赎回优先股付给股东股息经济实质是liability（实质重于形式）7.Reserve :capital reserve：share premium&revalution surplus Revaluation reserve：retained earning （企业所得税后利益的累加值）8.Share premium :Share premium（后来的投资者为了跟进来所买的股票的异价）9.Revalution surplus尚未实现的收益：固定资产增值：①D r : cost of buildingCr : depCr: revaluation②Dr: revaluation surplusCr :retained earning10.Retained earning 未分配利润:分出去的钱如dividend要把它从R.E中扣减掉先公示再发放①公示：Dr：accumulated/retained profits/retained earningCr：dividend payables②发放：Dr: dividend payablesCr :cashDividend 出现在： SPL: dividend incomeSOCIE: 无论是支付了还是未支付都放在所有者权益变动表中；Dividend paid 是一笔尚未支付的股息欠款，不放在任何表中11.所有者权益变动表（必须背下来）:12.Debenture 公司债务：可以低于它的票面金额，票面金额通常比较大13.Income tax所得税：Income tax所得税（放在SPL中，SPL中不会出现sales tax）：Dr：income taxCr: tax payable14.Allowance for receivable（cr）：Allowance for receivable（cr）应收账款的减值准备。
ACCAF3
ACCA Paper F3 常见考试试题及难点解析全文已经发表于《中国审计报》2009,.12.16，转载请注明出处。
F3 Financial Accounting是ACCA考试中会计的一门入门课程，这门课程主要侧重于介绍财务会计的一些基础知识，基本的目标就是要求学员熟练掌握复式记账法，并能针对不同组织形式的企业编制基本的财务报表。
F3的主要内容可以分为以下几个部分：在学习F3课程时，由于大部分学员没有会计背景知识，或者仅有国内会计学原理的基础知识，但对西方会计学没有了解，因而建议在学习的时候把握以下基本指导思想：第一，在理解中学习。
西方的考试更侧重于检验学员对知识点的理解而不是死记硬背，因而学员在学习中，一定要理解财务会计的基本原则和基础知识。
多做练习，包括课本上的练习、练习册上的练习以及一些自测题，这可以帮助学员加强对财务会计基本内容的理解和应用。
第二，在比较中学习。
中西方在教材编写上、问题表述上都有一定的差异，例如西方教材一般采用发散式的思维来进行讲述，而中式教材一般采用收敛式思维。
一直在中式教育中成长的学员在初次接触ACCA西方教材时，往往会有一定程度的不适应。
此外，有些学员在考F3之前可能已经学过国内的会计学原理课程，中西方所采用的会计基本原则没有任何实质上的差异，但是在具体业务处理上，中西方却存在很多差异。
比如我国有统一的会计科目名称，但西方没有统一会计科目名称，同一个会计科目可能在不同的课本上，甚至在同一个课本上采用不同的称呼，这势必增加了初学者的困难。
在比较中学习，要求学员应该多阅读，尽快熟悉西方常用的会计科目名称，以及对同一个问题的不同表述方式。
第三，在交流中学习。
目前已经有很多专门的ACCA考试论坛以及QQ群或者培训班，参加交流可以促进学员对课程内容的进一步理解，也可以帮助学员澄清一些知识误区。
下面以一些考试中的常见题型和失分率较高的试题来讲解一下答题技巧和思路。
1. Johnsons use the imprest method of accounting for petty cash. The petty cash was counted and there was $57.22 in hand. The following petty cash slips were found for the following: （June_2008, 2 Marks）$Stamps 16.35Sale of goods to staff 12.00Coffee and tea purchase 18.23Birthday cards for staff 20.20What is Johnsons’ imprest amount?A $124B $100C $112D $80答案：B。
ACCA考试《F3财务会计》辅导资料8
ACCA考试《F3财务会计》辅导资料8本文由高顿ACCA整理发布，转载请注明出处Session 4 From trial balance to financial statementsMain Contents:1.Accounting cycle2.Balancing off ledger accounts3.The trial balance4.Closing off ledger accounts5.Prepare financial statements4.1 Accounting cycle4.2 Balancing off a ledger accountOnce the transactions for a period have been recorded, it will be necessary to find the balance on the ledger accounts:1.Total both sides of the T account and find the larger total.2.Put the larger total in the total box on the debit side and credit side.3.Insert a balancing figure to the side of the T account which does not currently add up to the amount in, the total box.Call this balancing figure …balance c/f‟ (carried forward) or “balance c/d” (carried down).4.Carry the balance diagonally and call it “balance b/f” (brought forward) or “balance b/d” (brought down).4.3 The trial balance● Once all ledger accounts have been balance off a trial balanc e is prepared.● A trial balance is a list of the “balance b/f” on the ledger accountsaccording to whether they are on the debit or credit side.● The trial balance will balance if for every debit entry made, an equal credit entry was made and the balances were correctly extracted and cast.The purpose of a trial balance is:● To check that for every debit entry made, an equal credit entry has been made● As a first step in preparing the financial statements.A number of adjustments will be made after the trial balance is extracted.These adjustments do not therefore appear in the trial balance.4.4 Closing off the ledger accountsAt the year end, the ledger accounts must be closed off in preparation for the recording of transactions in the next accounting period.● SFP ledger accounts:Assets /liabilities at the end of a period = Assets/ liabilities at start of the next periodBalancing the account will result in ---a balance c/f (being the asset/liability at the end of the accounting period)a balance b/f (being the asset/liability at the start of the next accounting period)● I.S.ledger accounts:- At the end of the period any amounts that relate to that period are transferred out of the income and expenditure accounts into another ledger account – I.S.- This is done by closing the account- Do not show a balance c/f or balance b/f, but instead put the balancing figure on the smallest side and label it “income statement”.Example: Closing of revenue and expense account更多ACCA资讯请关注高顿ACCA官网：。
2015年ACCA考试《F3财务会计》辅导资料11
2015年ACCA考试《F3财务会计》辅导资料11本文由高顿ACCA整理发布，转载请注明出处Session 6 Inventory SystemMain Contents:1.Adjustment for inventory in the financial statements2.Recording inventory in the ledger accounts3.Valuation of inventory4.IAS 2 Inventories6.1 Adjustment for inventory in the financial statements● Continuous and Periodic inventory recordsTwo distinctly different inventory systems, perpetual and periodic, are used to determine the amounts reported for ending stock and cost of goods sold, in order to calculate gross profit and preparing for balance sheet.Continuous inventory system:Involves keeping a current and continuous record of all stock transactions on an inventory card or computer record for each type of inventory item held.- Provide more timely information for inventory controlling and planning- But involves much clerical work, and is normally used for businesses that sell stock of high value.Periodic inventory records:Is the formal title for a business to count its inventory at the balance sheet date.- are cheaper in most situations than the costs of maintaining continuous inventory records- areless time-consuming in maintaining inventory records- Even if there is a continuous inventory record, there will still be a need to check the accuracy of the information recorded by having a physical check of some of the inventory lines.Inperiodic inventory system, the beginning balance inthe stock accountis not changed until the end of the accounting period.The costs of additional stock purchases during the year are recorded in the Purchase Journal.When an item of stock is sold, only one entry is made and that is to record the sales at selling price.● Cost of sales- Opening inventory must be included in cost of sales as these goods are unsold goods in inventory at the beginning of period and are available for sale along with purchases during the year.- Closing inventory must be deducted from cost of sales as these goods are held at the period end and have not been sold.Cost of sales --- Formula$Opening inventory value xxAdd cost of purchases or production xxLess closing inventory value(xx)Equals cost of goods sold xx● Cost of carriage inwards and carriage outward:Carriage refers to the cost of transporting purchased goods from the supplier to the premises of the business.Carriage inwards - when the purchaser pays, the cost to the purchaser is carriage inwards- added to the cost of purchases in the income statement and enters into the calculation of gross profit.Carriage outwards - when the supplier pays, the cost to the supplier is known as carriage outwards- is aselling and distribution expense in the income statement.6.2 Recording inventory in the ledger accounts● In the inventory ledger account, the opening inventory will be the brought forward balance from the previous period.This must be transferred to the I.S.Opening inventory:Debit Opening inventory account ( Income Statement)Credit Inventory account ( Balance Sheet)● The closing inventory is entered into the ledger accounts with the following entry:Closing inventoryDebit Inventory account ( Balance Sheet)Credit Closing inventory( Income Statement)● Once these entries have been completed, the income statement ledger account contains both opening and closing inventory and the inventory ledger account shows the closing inventory for the period to be shown in the Statement of Financial Position.● Any balance carried forward at the end of an accounting period will become the opening balance at the beginning of the next accounting period.Example 1:Cilla has closing inventory of $5,600 at 30 June.How should this closing inventory be accounted for at 30 June?A.Debit Inventory $5,600, Credit Income statement $5,600B.Debit Inventory $5,600, Credit Balance sheet $5,600C.Debit Income statement $5,600, Credit inventory $5,600D.Debit Balance sheet $5,600, Credit Income statement $5,600Example 2：John had opening inventory of $7,000 at 1 July.How should this opening inventory be accounted for at 30 June?A.Debit Inventory $7,000, Credit Income statement $7,000B.Debit Inventory $7,000, Credit Balance sheet $7,000C.Debit Income statement $7,000, Credit Inventory $7,000D.Debit Balance sheet $7,000, Credit Income statement $7,000● Drawing of inventory – a sole trader takes the inventory out of the business for his own useA form of drawings:Dr.Drawings cost of inventory takenCr.Cost of sales cost of inventory taken6.3 Valuation of inventory● Inventory consists of- Goods purchased for resale- Consumable stores (such as oils)- Raw materials and components (used in the production process)- Partly finished goods (work-in-process WIP)- Finished goods● Rule of prudence concept- requires that in conditions of uncertainty, a cautious approach should be taken, so that gains and assets are not overstated and losses and liabilities are not understated.IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.● Net realizable valueNRV is :Estimated selling price (in the normal course of business)Less: estimated costs of completionEstimated costs necessary to make the sale● Methods of calculating inventory costs- Unit cost ( Specific Identification)- Weighted average cost- First-in-first-out (FIFO)- Last-in-first-out(LIFO)Unit cost:This is the actual cost of purchasing identifiable units of inventory● Limited to large or valuable items● Individual units can be easily identified with their cost of acquisitionWeighted average costThe weighted average cost per unit of stock is measured by dividing total cost of goods available for sale by total number of units available for sale.The weighted average stock valuation method is further subdivided into:- Moving (continuous average)- Periodic average6.4 IAS 2 - Valuation of inventory:IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.IAS 2 provides rules on valuation of inventory as well as disclosure requirements.● Inventories are assets- held for sale in the ordinary course of business, i.e.finished goods- asset in the production process for sale in the ordinary course of business, i.e.work in process- materials and supplies that are consumed in production, i.e.raw materials● Cost should be unit cost (if identifiab le), FIFO or AVCO.● Inventories and work-in-progress should be sub-classified in the notes to thefinancial statements in an appropriate manner; The accounting policies used to value inventory should be disclosed.● Cost includes- costs of purchase- costs of conversion and- other costs incurred in bringing the inventory to its present location and condition.Cost of purchase:Material costsImport duties (tax)FreightHandling(Less rebates/net of trade discounts)Cost of conversion:Direct costs (direct labour, direct material)Production overheads(fixed and variable manufacturing overhead)● Costs excludes- selling costs- storage costs- abnormal waste of materials, labour or other costs- administrative overheads更多ACCA资讯请关注高顿ACCA官网：。
ACCA F阶段知识整理
ACCA F阶段知识整理ACCA考试科目一共有13门，其中F阶段考试科目一共占了9门课程，其中的重要性不言而喻，那么F阶段和P阶段有什么关联呢?P阶段应该如何选择呢?带着这些疑问一起和高顿ACCA来看看吧。
给大家整理了一套电子版ACCA备考资料，里面有很多ACCA考试资料可供大家选择。
而且在对于上班族来说，电子版的也很适合在地铁上查阅：电子版ACCA 备考资料F1 Accountant in Business这一门倾向于管理方面，课程难度不大，很多常识性的知识点，但是毕竟是ACCA第一门考试，所以刚开始大多数同学都会对很多专业词汇的英文表述不熟悉，加上F1中的知识点比较细碎，因此加大了学习的难度。
建议大家把每章的知识点自己做一个梳理总结，每一章节整理出大框架，可以很好地帮助本科的学习。
F2 Mangement Accounting这一门课是管理会计，课体总体难度不大，差异分析的部分可能有些难度，另外一些财务比率的计算需要掌握，为以后的学习打好基础。
F3 Financial Accounting这一门课是财务会计，属于基础会计学，其中会涉及到会计科目、会计分录、丁字账、试算平衡表等等一系列会计基础知识，对于没有会计基础的同学一开始会觉得一头雾水，但是入了门之后这门课程难度并不算大。
这一门课程是之后F7和P2的学习基础，一定要掌握知识点，同时积累英语专业词汇。
F4 Corporate and Business Law英美法系和大陆体系的不同在于他们使用的是判例法，因此F4中涉及到不同年代各种法律案例，并且有很多专业词汇。
以判例法为主考试难度感觉是在上升，但是通过率在上升F5 Performance Management这门课是管理会计的进阶，对于F2基础打得好的同学拿下这门课应该不在话下。
这门课程总体难度不大，重点在于掌握不同成本法及业绩评价方法的应用。
F6 Taxation这门课90%以上都是计算，是中国考生最拿手的地方。
2015年ACCA考试《F3财务会计》辅导资料8
2015年ACCA考试《F3财务会计》辅导资料8本文由高顿ACCA整理发布，转载请注明出处Recording cash transactionsCash transactions:Payment is made or received immediately.Cheque payments or receipts are classed as cash transactions.Double entry involves the bank ledger:A debit entry is where funds are receivedA credit entry is where funds are paid out.Recording credit sales and purchasesCredit sales and purchases:● are transactions where goods or services change hands immediately● payment is n ot made or received until some time in the future.Receivables and payables:● Money that a business is owed is accounted for in the receivables ledger● Money that a business owes is accounted for in the payables ledger.Example:Norris notes down the following transactions that happened to Avon in June.1.Sell goods for $250 – the customer will pay in a month.2.Pay $50 petrol for the delivery van.3.Buy $170 goods for resale on credit.4.Buy another $40 goods for resale, paying cash.5.Buy a new computer for the business for $800.Record these transactions using ledger accounts.Solution:1.Dr. Trade receivables250Cr. Sales2502.Dr. Petrol Expense50Cr. Cash in bank503.Dr. Purchase170Cr. Trade payables1704.Dr. Purchase40Cr. Cash in bank405.Dr. Computer800Cr. Cash in bank800● Perpetual and Periodic inventory systemDetailed record of inventory movement in and out of the business can be a very tedious and inefficient process. Such a system of keeping stock records is known as the perpetual system.In a retail business with high stock turnover (i.e. the inventory move very fast) it is almost impossible to keep detailed records of every item of stock that is received and sold, and to recognize the profit on sale of very single item of stock, in such circumstance, the periodic inventory system is applied.In other words, the inventory account remains stagnant through out the entire period.An inventory count is performed at the end of the accounting period to determine the inventory held on hand.Profit is established by taking sales less cost of goods sold, whereCost of goods sold = Beginning inventory + Purchasing – Ending inventory更多ACCA资讯请关注高顿ACCA官网：。
2015年ACCA6月考试F3mock考题免费下载
F3 MockSection A — All 35 questions are compulsory and MUST be attempted:(Each question stands at 2 marks)1.Which TWO of the following investments would be treated as an associate inthe consolidated financial statements of Smith Co?A. Smith Co owns 15% of the ordinary shares of Red Co and has significant influence overRed CoB. Smith Co owns 45% of the ordinary shares of Pink Co and can appoint 4 out of 5 directsto the Board of Directors of Pink Co.C. Smith Co owns 40% of the preference shares (non-voting) and 15% of the ordinaryshares of Yellow Co.D. Smith Co owns 60% of the preference shares (non-voting) and 40% of the ordinaryshares of Aquamarine Co.2.Which of the following items should appear as items in a company’s statementof changes in equity?(1)Equity dividends paid(2)Income from investments(3) Profit for the financial year after tax(4) Gain on revaluation of non-current assetsA.(1), (3) and (4) onlyB.(1) and (3) onlyC.(2) and (3) onlyD.(2), (3) and (4) only3.The following information related to dividends declared and paid by acompany whose financial year ends on 30 June?2009 $ Nov Paid final dividend for year ended 30 June 2009 (Declared Aug 2009) 800,000 2010April Paid interim dividend 200,000 Nov Paid final dividend for year ended 30 Jun 2010 (Declared Aug 2010) 900,000What figures (if any) should be included in the income statement of the company for the year to 30 June 2010 and in the statement of financial position as at that date?Income Statement Statement of financial position: LiabilityA.$1,100,000 deduction $900,000B.$1,000,000 deduction NothingC.Nothing $900,000D.Nothing Nothing4.The following information is available for the year ended 31 October 2012:Property $Cost as at 1 November 2011 102,000Accumulated depreciation as at 1 November 2011 (20,400)81,600On 1 November 2011, the company revalued the property to $150,000The company’s policy is to charge depreciation on a straight-line basis over 50 years. On revaluation there was no change to the overall useful economic life. It has also chosen not to make an annual transfer of the excess depreciation onrevaluation between the revaluation reserve and retained earnings.What should be the balance on the revaluation reserve and the depreciation charge as shown in the financial statements for the year ended 31 October2012?Depreciation charge Revaluation reserve$ $A 3,750 68,400B 3,750 48,000A 3,000 68,400A 3,000 48,0005.At 1 July 2009 a company had an allowance for irrecoverable debts of $51,000.At 30 June 2010, total trade receivables were $942,000. It was decided to write off $86,000 of these debts and to adjust the allowance for irrecoverable debts to $65,000.What amounts should be included in the company’s statement of financialposition at 30 June 2010?Trade receivables Allowance for Net tradeReceivables receivables$ $ $A 942,000 65,000 877,000B 856,000 65,000 791,000C 856,000 116,000 740,000D 942,000 116,000 826,0006.Details of a company’s insurance policy costs are as followsPremium for year ending 31 March 2010, paid April 2009: $27,600Premium for year ending 31 March 2011, paid April 2010: $30,000What figures should be included within profit or loss for the year to 30 June 2010 for insurance costs, and what should be included in the statement offinancial position as at 30 June 2010?Income statement Statement of financial position $ $A 28,200 22,500 prepayment (Dr)B 29,400 22,500 prepayment (Dr)C 28,200 22,500 accrual (Cr)D 29,400 22,500 accrual (Cr)7. A company owns a number of office properties that it rents to tenants. Thefollowing information is available for the year ended 30 June 2010.Rent in advance Rent in arrears$ $30 June 2009 127,900 5,70030 June 2010 138,100 9,400Cash received from tenants during the year to 30 June 2010 was $948,300. All rental income in arrears was subsequently received in full.What figure should appear in profit or loss for the year to 30 June 2010 for rental income?A. $954,800B. $1,199,200C. $697,400D. $941,8008.An inexperienced bookkeeper has drawn up the following payables ledgercontrol account, which contains errors:Payables ledger control account(amounts owed tosuppliers) 212,500 Purchases 447,000 Cash paid to suppliers 491,000 Discount received 2,700Purchases returns 7,600 Contras againstreceivables ledger 12,800Refunds received fromsuppliers 3,200 Closing balance 251,800714,300 714,300What should the closing balance be after correcting the errors made in preparing the account?A $148,600B $276,400C $171,000D $154,0009. Luis sold goods to Pedro in May 2014 with a list price of $98,000. Luis allowed a trade discount of 10%. Pedro returned goods with a list price of $3,000 on 31 May and returned a further $5,000 of goods at list price on 6 June as they were found to be unsuitable.How much should Luis record in the sales returns account at 31 May?A. $2,700B. $3,000C. $8,000D. $7,20010.Bob uses the imprest method of accounting for petty cash. He counted the pettycash and there was $66.00 in hand.There were also the following petty cash vouchers:$Sundry purchases 22.00Loan to sales manager 10.00Purchase of staff beverage 19.00Sundry sales receipts 47.00What is Bob’s imprest amount?A $164B $50C $ 62D $7011. The following extract is from the financial statement of Peter, a limited liability company at 31 October:2014 2013$000 $000Equity & LiabilitiesShare capital 120 80Share premium 60 40Retained earnings 85 68265 188Non-current liabilitiesBank loan 100 150365 338What is the cash flow from financing activities to be disclosed in the statement of cash flows for the year ended 31 October 2010?A. $60,000 inflowB. $10,000 inflowC. $110,000 inflowD. $27,000 inflow12. The statement of financial position of Pretty, a limited liability company, shows closing retained earnings of $320,568. The income statement showed profit of $79,285. Pretty paid last year’s final dividend of $12,200 during the current year and proposed a dividend of $13,500 at the year end. This had not been approved by the shareholders at the end of the year.What is the opening retained earnings balance?A. $241,283B. $387,653C. $254,783D. $253,48313.At 1 July 2009 a limited liability company’s capital structure was as follows$000Share capital: Ordinary shares of $1 each 200,000Share premium account 160,000In the year ended 30 June 2010 the company made the following share issues.1 December 2009A bonus issue of one share for every two held, using the share premium account.1 February 2010A right issue of two shares for every five held at that date, at $2 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2010 as a result of these issues?Share capital Share premium$000 $000A 420,000 180,000B 420,000 120,000C 540,000 60,000D 540,000 160,00014. A payables ledger control account showed a credit balance of $856,460. Thepayables ledger balances totaled $871,260.Which of the following possible errors could account in full for the difference?A.$14,800 cash paid to a supplier was entered on the credit side of the supplier’saccount in the payables ledger.B.The total of discounts allowed $31,300 was recorded as a debit entry in thepayables ledger control account instead of the correct figure for discountsreceived of $16,500.C.The total of discount received $7,400 has been entered on the credit side of thepayables ledger control account.D. A contra against a receivables ledger debit balance of $7,400 has been enteredon the credit side of the payables ledger control account.15.Beta Co has total assets of $555,000 and profit for the year of $160,000 recorded inthe financial statements for the year ended 31 December 2013. Inventory costing $45,000, which was received into the warehouse on 2 January 2014, was included in the financial statements at 31 December 2013 in error.What would be the profit for the year and total assets after adjusting for thiserror?Profit for the year Total assetsA. $205,000 $600,000B. $115,000 $600,000C. $205,000 $510,000D. $115,000 $510,00016.In preparing a bank reconciliation statement, a bookkeeper identified the followingdifferences between the bank statement balance and the cash book balance.1.Customer cheque for $525 dishonored2.Lodgements not credited $52,8903.Bank charges $2904.Interest on bank overdraft $5835.Outstanding cheque $68,9426. Direct debit $350Which of these items will require an entry in the cash book?A.1,3,4 and 6B.2,3 and 5C.1,2,5 and 6D. 3 and 417.The total of the list of balances in the payables ledger of Bounce on 30 June 2010was $289,500. This balance did not agree with the payables ledger control account balance. The following errors were discovered.1.The total of purchases returns was undercast by $3,0002. A contra entry of $690 was recorded in the payables ledger control accountbut not in the payables ledger.3.An invoice for $8,720 was recorded in the supplier’s account as $7,820.What amount should Bounce record in its statement of financial position as the amount of trade payables as at 30 June 2010?A.$291,090B.$289,710C.$286,710D.$291,51018.A draft statement of cash flows contains the following calculation of net cash inflowfrom operating activities $Operating profit 18Depreciation 4Decrease in inventories (3)Increase in trade and other receivables (5)Reduction in trade payables 2Net cash flow from operating activities 16Which of the following corrections need to be made to the calculation?1.Depreciation should be deducted, not added2.Decrease in inventories should be added, not deducted3. Increase in receivables should be added, not deducted4. Reduction in payables should be deducted, not addedA. 1 and 3B. 2 and 4C. 3 and 4D. 1 and 219.A fire on 31 March destroyed some of the inventory of a company, and its inventoryrecords were also lost. The following information is available$Inventory at 1 March 127,000Purchases for March 253,000Sales for March 351,000Inventory in good condition at 31 March 76,000The company makes a standard gross profit of 30% on its salesWhat was the cost of the inventory lost in the fire?A.$45,000B.$134,300C.$34,000D.$58,30020.Venus Co acquired 75% of Mercury Co’s 100,000 $1 ordinary share capital on 1November 2011. The consideration consisted of $2 cash per share and 1 share in Venus Co for every 1 share acquired in Mercury Co. Venus Co shares have a nominal value of $1 and a fair value of $1.75. The fair value of the non-controlling interest was $82,000 and the fair value of net assets acquired was $215,500. (2011 Decsession)What should be recorded as goodwill on acquisition of Venus in the consolidated financial statements?A.$16,500B.$147,750C.$91,500D.$63,37521.A company’s statement of profit or loss for the year ended 31 December 20*5showed a profit for the year of $65,000. It was later found that $18,000 paid for maintenance to motor vehicles had been debited to the motor vehicles at costaccount and had been depreciated as if it was a new motor vehicle. It is thecompany’s policy to depreciate motor vehicles at 25% per year on the straight line basis, with a full year’s charge in the year of acquisition.What would the profit for the year be after adjusting for this error?A $78,500B $47,000C $83,000D $51,50022.Roger Co purchased goods on credit with a list price of $75,000 from Bob Co andreceived a trade discount of 10%. Roger Co paid the full amount due to Bob Cowithin 25 days and received a settlement discount of 5% for prompt payment. The trainee accountant at Roger Co recorded the purchase of goods in the purchases account net of both discounts. At the year end all these goods had been sold.What is the effect on gross profit and profit for the year of correcting the trainee accountant’s mistake?Gross profit Profit for the yearA decrease by $3,375 no effectB decrease by $3,375 decrease by $3,375C increase by $10,875 increase by $10,875D decrease by $10,875 no effect23. The closing inventory of Epson amounted to $284,000 at 30 September 2014, thebalance sheet date. This total includes two inventory lines about which the inventory taker is uncertain.1.500 items which had cost $15 each and which were included at $7,500. Theseitems were found to have been defective at the balance sheet date. Remedialwork after the balance sheet date cost $1,800 and they were then sold for $20each. Selling expenses were $400.2.100 items which had cost $10 each. After the balance sheet date they were soldfor $8 each, with selling expenses of $150.What figure should appear in Epson balance sheet for inventory?A.$283,650B.$283,800C.$292,150D.$283,95024.Which of these statements about research and development expenditure arecorrect?1.If certain conditions are satisfied, research and development expenditure mustbe capitalized.2.One of the conditions to be satisfied if development expenditure is to becapitalized is that the technical feasibility of the project is reasonably assured.3.If capitalized, development expenditure must be amortized over a period notexceeding five years.4.The amount of capitalized development expenditure for each project should bereviewed each year. If circumstances no longer justify the capitalization, thebalance should be written off over period not exceeding five years.5.Development expenditure may only be capitalized if it can be shown thatadequate resources will be available to finance the completion of the projectA. 2 and 5B.3, 4 and 5C.2, 3 and 5D.1, 2 and 325.A company with an accounting date of 31 October carried out a physical check ofinventory on 4 November 2014, leading to an inventory value at cost at this date of $483,700.Between 1 November 2014 and 4 November 2014 the following transactions took place:(1)Goods costing $38,400 were received from suppliers.(2)Goods that had cost $14,800 were sold for $20,000(3)A customer returned, in good condition, some goods which had been sold to himin October for $600 and which had cost $400.(4)The company returned goods that had cost $1,800 in October to the supplier,and received a credit note for them.What figure should appear in the company’s financial statements at 31 Oct ober 2014 for closing inventory, based on this information?A.$458,700B.$505,900C.$508,700D.$461,50026.The plant and machinery at cost account of a business for the year ended 31December 2013 was as follows:The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal.What should be the depreciation charge for the year ended 31 December 2013?A.$138,600B.$144,450C.$143,550D.$138,15027.Mercy Co has owned 100% of Ben Co since incorporation. At 31 March 2009 extractsfrom their individual statements of financial position were as followsDuring the year ended 31 March 2009, Ben Co has sold goods to Mercy Co for$50,000. Mercy Co still had these goods in inventory at the year end. Ben Co uses a 25% mark up on all goods.What were the consolidated retained earnings of Mercy Group at 31 March 2009?A.$560,000B.$580,000C.$570,000D.$557,50028.Copper Co acquired 90% of the $100,000 ordinary share capital of Mine Co for$300,000 on 1 January 2010 when the retained earnings of Mine Co were $156,000.At the date of acquisition the fair value of plant held by Mine Co was $20,000 higher than its carrying value. The fair value of the non-controlling interest at the date of acquisition was $75,000.What is the goodwill arising on the acquisition of Mine Co?A.$119,000B.$99,000C.$139,000D.$24,00029.The following receivables ledger control account has been prepared by a traineeaccountantWhat should the closing balance on the account be when the errors in it are corrected?A.$290,150B.$286,430C.$282,830D.$284,43030.The trial balance of Z failed to agree, the totals being: Debit $836,200Credit $819,700A suspense account was opened for the amount of the difference and the followingerrors were found and corrected:1 The totals of the cash discount columns in the cash book had not been posted tothe discount accounts. The figures were discount allowed $3,900 and discountreceived $5,100.2 A cheque for $19,000 received from a customer was correctly entered in the cashbook but was posted to the control account as $9,100.What will be the remaining balance on the suspense be after the correction of these errors?A.$25,300 creditB.$7,700 creditC.$27,700 creditD.$5,400 credit31.Which of the following statements about contingent assets and contingent liabilitiesare correct?1 A contingent asset should be disclosed by note if an inflow of economic benefits isprobable.2 A contingent liability should be disclosed by note if it is probable that a transfer ofeconomic benefits to settle it will be required, with no provision being made.3 No disclosure is required for a contingent liability if it is not probable that atransfer of economic benefits to settle it will be required.4 No disclosure is required for either a contingent liability or a contingent asset if thelikelihood of a payment or receipt is remote.A. 1 and 4 onlyB. 2 and 3 onlyC.2,3 and 4D.1,2 and 432.A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue.His trading account for the month of June 20*3 is as follows:$Recorded sales revenue 181,600Cost of sales 114,000Gross profit 67,600Assuming that the cost of sales figure is correct, how much cash could the salesassistant have taken?A.$5,040B.$8,400C.$22,000D.It is not possible to calculate a figure from this information33. Which of the following material events after the reporting date and before thefinancial statements are approved are adjusting events?1. A valuation of property providing evidence of impairment in value at thereporting date.2.Sale of inventory held at the reporting date for less than cost.3.Discovery of fraud or error affecting the financial statements.4.The insolvency of a customer with a debt owing at the reporting date which isstill outstanding.A.1, 2 and 4 onlyB.1, 2, 3 and 4C. 1 and 4 onlyD. 2 and 3 only34. Which of the following statements is/are correct?1. A statement of cash flows prepared using the direct method produces a differentfigure to net cash from operating activities from that produced if the indirectmethod is used.2. Right issues of shares do not feature in a statement of cash flows.3. A surplus on revaluation of a non-current asset will not appear as an item in asstatement of cash flows.4. A profit on the sale of a non-current asset will appear as an item under cashflows from investing activities in the statement of cash flows.A. 1 and 3 onlyB. 3 and 4 onlyC. 2 and 4 onlyD. 3 only35.Annie is a sole trader who does not keep full accounting records. The followingdetails relate to her transactions with credit customers and suppliers for the year ended 30 June 2006:What figure should appear for purchases in Annie’s statement of profit or loss for the year ended 30 Jun 2006?A.$325,840B.$330,200C.$331,760D.$327,760Section B BOTH questions are compulsory and MUST be attempted1.The accountant of Zebra Co has prepared the following trial balance as at 31 December 2007.$’00050c ordinary shares (fully paid) 3507% $1 preference shares (fully paid) 10010% loan stock (secured) 200Retained earnings 1.1 2007 242General reserve 1.1 2007 171Land and buildings 1.1 2007 (cost) 430Plant and machinery 1.1 2007(cost) 830Accumulated depreciationBuildings 1.1 2007 20Plant and machinery 1.1 2007 222Inventory 1.1 2007 190Sales 2,695Purchases 2,152Preference dividend 7Ordinary dividend (interim) 8Loan interest 10Wages and salaries 254Light and heat 31Sundry expenses 113Suspense account 135Trade accounts receivable 179Trade accounts payable 195Cash 126Notes(a)Sundry expenses include $9,000 paid in respect of insurance for the year ending 1 September 2008. Light and heat does not include an invoice of $3,000 for electricity for the three months ending 2 January 2008, which was paid in February 2008. Light and heat also includes $20,000 relating to salesmen’s commission.(b) The suspense account is in respect of the following items.$’000Proceeds from the issue of 100,000 ordinary shares 120Proceeds from the sale of plant 300420Less consideration from the acquisition of Mary & Co 285135(c) The net assets of Mary & Co were purchased on 3 March 2007. Assets were valued as follows.$’000Investments 231Inventory 34265All the inventory acquired was sold during 2007. The were still held by Zebra at 31.12 2007.(d) The property was acquired some years ago. The buildings element of the cost was estimated at $100,000 and the estimated useful life of the assets was fifty years at the time of purchase. As at 31 December 2007 the property is to be revalued at $800,000. (e) The plant which was sold had cost $350,000 and had a carrying amount of $274,000 as on 1.1,2007. $36,000 depreciation is to be charged on plant and machinery for 2007.(f) The loan stock has been in issue for some years. The 50c ordinary shares all rank for dividends at the end of the year.(g) The management wished to provide for:(i) Loan stock interest due(ii) A transfer to general reserve of $16,000(iii) Audit fees of $4,000(h) Inventory as at 31 December 20*7 was valued at $220,000(cost).(i) Taxation is to be ignored.Required:Prepare the financial statements of Zebra Co as at 31 December 2007 including the statement of changes in equity. No other notes are required. (15 marks)2. The draft statements of financial position of Simon and its subsidiary Pepper at 31 October 2005 are as follows:Simon Pepper$000 $000 $000 $000 AssetsNoncurrent assetsTangible assetsLand and buildings 315,000 278,000 Plant 285,000 220,000600,000 498,000 InvestmentShares in Pepper at cost 660,000Current assetsInventory 357,000 252,000Receivables 525,000 126,000Bank 158,000 30,0001,040,000 408,0002,300,000 906,000 Equity and liabilitiesEquity$1 ordinary shares 1,500,000 600,000 Reserves 580,000 212,0002,080,000 812,000 Current liabilitiesPayables 220,000 94,000 Total equity and liabilities 2,300,000 906,000 The following information is also available(a) Simon purchased 480 million shares in Pepper some years ago, when Pepperhad a credit balance of $95 million in reserves. The fair value of the non-controlling interest at the date of acquisition was $165 million.(b) At the date of acquisition the freehold land of Pepper was valued at $70 millionin excess of its book value. The revaluation was not recorded in the accounts ofPepper.(c) Pepper’s inventory includes goods purchased from Simon at a price that includesa profit to Simon of $12 million.(d)At 31 October 2005 Pepper owes Simon $25 million for goods purchased duringthe year.Required: (15 marks)(a)Calculate the total goodwill on acquisition.(b)Prepare the consolidated statement of financial position for Simon as at 31October 2005.。
2015年ACCA考试《F3财务会计》辅导资料13
2015年ACCA考试《F3财务会计》辅导资料13本文由高顿ACCA整理发布，转载请注明出处lession 8 Irrecoverable debts and allowancesMain contents:1.Irrecoverable debts2.Allowance for receivables3.Accounting for irrecoverable debts and receivable allowances8.1 Irrecoverable debts●Trade receivables:A trade receivable is a customer who owes money to the business as a result of buying goods or service on credit.●Accruals concept:The accruals concept requires a sale to be included in the ledger accounts at the time that it is made.Credit sales are claimed when the sale is invoiced.The double entry at the invoice date will be:Dr.Cr.Receivables xxSales xxWhen the customer eventually settles the invoice the double entry will be:Dr.Cr.Cash xxReceivables xxProblems: collecting the amounts owing from customersReasons: bankruptcy, fraud or disputes●Prudence concept:The prudence concept requires some adjustment to reflect the actual or potential loss arising from unpaid debts.●Irrecoverable debt:A debt which is considered to be uncollectible.- Highly unlikely that the amount owed will be received.- Written off by writing it out of the ledger accounts completely.●Accounting for irrecoverable debts- It is prudent to remove the irrecoverable debts from the accounts and to charge the amount as an expense for irrecoverable debts to the I.S.- The original sales remains in the accounts as this did actually take place.Dr.Irrecoverable debts expense xxCr.Receivables control account xxExample:Arctic Co.have total accounts receivable at the end of their accounting period of $45,000.Of these it is discovered that one, Mr.X who woes $790, has been declared bankruptcy, and another who gave his name as Mr.Jones has totally disappeared owing Arctic Co.$1,240.Write up the ledger accounts to reflect the writing off these debts as irrecoverable.Solution:Dr.Irrecoverable debts expense2,030Cr.Receivables control account2,030●Accounting for irrecoverable debts recoveredIrrecoverable debts are receivedWhen an irrecoverable debt is recovered, the accounting entry is:Dr.Cash xxCr.Irrecoverable debt expense xx8.2 An allowance for receivables:●Allowance for receivables is an estimate of the percentage of debts which are not expected to be paid.(a)When an allowance is first made, the amount of this initial allowance is charged as an expense in the income statement, for the period in which the allowance is created.(b)When an allowance already exists, but is subsequently increased in size, the amount of the increase in allowance is charged as an expense in the income statement, for the period in which the increased allowance is made.(c)When an allowance already exists, but is subsequently reduced in size, the amount of the decrease in allowance is credited back to the income statement, for the period in which the increased allowance is made.The value of trade receivable in the statement of financial position must be shown after deducting the allowance for receivables.Example:A business has trade receivables outstanding at 30 June 20x5 and decided to create 5% allowances for receivables.(a)In the income statement, the newly created allowance of $2,500 (5% x 50,000 = 2,500)will be shown as an expense.(b)In the statement of financial position, trade accounts receivables will be shown as: $Total receivables 50,000Less: allowance for receivables8.3 Accounting for irrecoverable debts and receivable allowances●Irrecoverable debts written off- When the irrecoverable debts are written off, the double entry might be:Dr.Irrecoverable debtsCr.Receivable control account- When an irrecoverable debt is subsequently received, the accounting entries are:Dr.CashCr.Irrecoverable debts●Allowance for receivables(a)Open up an allowance accountDr.Irrecoverable debts account (expense)Cr.Allowance for receivables(b)In subsequent years- calculate the new allowance required- compare it with the existing balance on the allowance account - calculate increase or decrease required(only a movement in the allowance is charged to the I.S.)(i)If a higher allowance is required:Dr.Irrecoverable debts expenseCr.Allowance for receivables(ii)If a lower allowance is required:Dr.Allowance for receivablesCr.Irrecoverable debts expense更多ACCA资讯请关注高顿ACCA官网：。
2015年ACCA考试《F7财务报告》重要讲义(8)
2015年ACCA考试《F7财务报告》重要讲义（8）本文由高顿ACCA整理发布，转载请注明出处I. The accounting problemBefore IAS37 provisions were recognized on the basis of prudence，little guidance was given on when a provision should be recognized and how it should be measured. This gave rise to inconsistencies，and also allowed profits to be manipulated.Some problems are noted below：(a) Provisions could be recognized on the basis of management intentions，rather than on any obligation to be entity;(b) Several items could be combined into one large provision. There were known as ‘big bath’ provisions;(c) A provision could be created for one purpose and then used for another;(d) Poor disclosure made it difficult to assess the effect of provisions on reported profits. In particular，provisions could be created when profits were high and released when profits were low in order to smooth profits.(1) DefinitionsIAS 37 views a provision as a liability.A provision is a liability of uncertainty timing or amount;A liability is an obligation of an enterprise to transfer economic benefits as a result of past transactions or events.昨天今天明天Provision must be based on obligations，not management intentions.(2) Under IAS37，a provision should be recognized：a. When an enterprise has a present obligation;b. It is probable that a transfer of economic benefits will be required to settle it;c. A reliable estimate can be made of its amount; if a reasonable estimate cannot be made，then the nature of the provision and the uncertainties relating to the amount and timing of the cash flows should be disclosed.A provision is made for something which will probably happen. It should be recognized when it is probable that a transfer of economic events will take place and when its amount can be estimated reliably.(3) Contingent liabilitiesDefinitionThe Standard defines a contingent liability as：(a) A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise; or(b) A present obligation that arises from past events but is not recognized because：(i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or(ii) The amount of the obligation cannot be measured with sufficient reliability.As a rule of thumb，probable means more than 50% likely. If an obligation is probable，it is not a contingent liability – instead，a provision is needed.Treatment of contingent liabilitiesContingent liabilities should not be recognized in financial statements but they should be disclosed. The required disclosures are：(a) A brief description of the nature of the contingent liability;(b) An estimate of its financial effect;(c) An indication of the uncertainties that exist;(d) The possibility of any reimbursement;(4) Contingent assetsDefinitionA possible asset that arises from the past events whose existence will be confirmed by the occurrence of one or more uncertain future events not wholly within the enterprise’s control.A contingent asset must not be recognized. Only when the realization of the related economic benefits is virtually certain should recognition take place. At that point，the asset is no longer a contingent asset.Disclosure：contingent assetsContingent assets must only be disclosed in the notes if they are probable. In that case a brief description of the contingent asset should be provided along with an estimate of its likely financial effect.更多ACCA资讯请关注高顿ACCA官网：。
ACCA考试F3-财务会计(基础)历年真题精选及详细解析1109-28
ACCA考试F3-财务会计(基础)历年真题精选及详细解析1109-287.1 Which of the following correctly describe the entry in the sales account for a sale for a sales tax registered trader?A Credited with the total of sales made, including sales taxB Credited with the total of sales made, excluding sales taxC Debited with the total of sales made, including sales taxD Debited with the total of sales made, excluding sales tax答案：B7.2 Sales (including sales tax) amounted to $27 ,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%?A $962.50 debitB $962. .50 creditC $1 ,682. 10 debitD $1 ,682.10 credit答案：B7.3 Which of the following statements about IAS 2 Inventories is correct?A Production overheads should be included in cost on the basis of a company\'s normal level of activity in the period.B In arriving at the net realisable value of inventories, trade discounts and settlement discounts must be deducted.C In arriving at the cost of inventories, FIFO, LIFO and weighted average cost formulas are acceptable.D It is permitted to value finished goods inventories at materials plus labour cost only, without adding production overheads.答案：A7.4 You are preparing the financial statements for a business. The cost of the items in closing inventory is $41 ,875. This includes some items which cost $1 ,960 and which were damaged in transit. You have estimated that it will cost $360 to repair the items, and they can then be sold for $1 ,200. What is the correct inventory valuation for inclusion in the financial statements?A $39,915B $40,755C $41,515D $42,995答案：B7.5 An inventory record card shows the following details.February 1 50 units in stock at a cost of $40 per unit7 100 units purchased at a cost of $45 per unit14 80 units sold21 50 units purchased at a cost of $50 per unit28 60 units soldWhat is the value of inventory at 28 February using the FIFO method?A $2,450B $2,700C $2,950D $3,000答案：C。
ACCA考试《F3财务会计》辅导资料12
ACCA考试《F3财务会计》辅导资料12本文由高顿ACCA整理发布，转载请注明出处lession 8 Irrecoverable debts and allowancesMain contents:1.Irrecoverable debts2.Allowance for receivables3.Accounting for irrecoverable debts and receivable allowances8.1 Irrecoverable debts●Trade receivables:A trade receivable is a customer who owes money to the business as a result of buying goods or service on credit.●Accruals concept:The accruals concept requires a sale to be included in the ledger accounts at the time that it is made.Credit sales are claimed when the sale is invoiced.The double entry at the invoice date will be:Dr.Cr.Receivables xxSales xxWhen the customer eventually settles the invoice the double entry will be:Dr.Cr.Cash xxReceivables xxProblems: collecting the amounts owing from customersReasons: bankruptcy, fraud or disputes●Prudence concept:The prudence concept requires some adjustment to reflect the actual or potential loss arising from unpaid debts.●Irrecoverable debt:A debt which is considered to be uncollectible.- Highly unlikely that the amount owed will be received.- Written off by writing it out of the ledger accounts completely.●Accounting for irrecoverable debts- It is prudent to remove the irrecoverable debts from the accounts and to charge the amount as an expense for irrecoverable debts to the I.S.- The original sales remains in the accounts as this did actually take place.Dr.Irrecoverable debts expense xxCr.Receivables control account xxExample:Arctic Co.have total accounts receivable at the end of their accounting period of $45,000.Of these it is discovered that one, Mr.X who woes $790, has been declared bankruptcy, and another who gave his name as Mr.Jones has totally disappeared owing Arctic Co.$1,240.Write up the ledger accounts to reflect the writing off these debts as irrecoverable.Solution:Dr.Irrecoverable debts expense2,030Cr.Receivables control account2,030●Accounting for irrecoverable debts recoveredIrrecoverable debts are receivedWhen an irrecoverable debt is recovered, the accounting entry is:Dr.Cash xxCr.Irrecoverable debt expense xx8.2 An allowance for receivables:●Allowance for receivables is an estimate of the percentage of debts which are not expected to be paid.(a)When an allowance is first made, the amount of this initial allowance is charged as an expense in the income statement, for the period in which the allowance is created.(b)When an allowance already exists, but is subsequently increased in size, the amount of the increase in allowance is charged as an expense in the income statement, for the period in which the increased allowance is made.(c)When an allowance already exists, but is subsequently reduced in size, the amount of the decrease in allowance is credited back to the income statement, for the period in which the increased allowance is made.The value of trade receivable in the statement of financial position must be shown after deducting the allowance for receivables.Example:A business has trade receivables outstanding at 30 June 20x5 and decided to create 5% allowances for receivables.(a)In the income statement, the newly created allowance of $2,500 (5% x 50,000 = 2,500)will be shown as an expense.(b)In the statement of financial position, trade accounts receivables will be shown as: $Total receivables 50,000Less: allowance for receivables8.3 Accounting for irrecoverable debts and receivable allowances●Irrecoverable debts written off- When the irrecoverable debts are written off, the double entry might be:Dr.Irrecoverable debtsCr.Receivable control account- When an irrecoverable debt is subsequently received, the accounting entries are:Dr.CashCr.Irrecoverable debts●Allowance for receivables(a)Open up an allowance accountDr.Irrecoverable debts account (expense)Cr.Allowance for receivables(b)In subsequent years- calculate the new allowance required- compare it with the existing balance on the allowance account - calculate increase or decrease required(only a movement in the allowance is charged to the I.S.)(i)If a higher allowance is required:Dr.Irrecoverable debts expenseCr.Allowance for receivables(ii)If a lower allowance is required:Dr.Allowance for receivablesCr.Irrecoverable debts expense更多ACCA资讯请关注高顿ACCA官网：。
ACCA考试《F3财务会计》讲义辅导34
ACCA考试《F3财务会计》讲义辅导34本文由高顿ACCA整理发布，转载请注明出处Session 18 Consolidated financial statementMain Contents:1. Introduction to group accounting2. Consolidated statement of financial position3. Consolidated statement of comprehensive income4. Associates18.1 Introduction to group accountingWhat is a group?Everything entity is a separate legal entity. Each one is required to prepare its own financial statements that will provide useful information for making economic decisions. However, sometimes a number of entities (known as subsidiaries ) will operate under the control of another entity (known as the parent). Together they form a group, and the group operates as a single economic entity.Definitions:● Parent – is an entity that has one or more subsidiaries.● Subsidiary – is an entity that is controlled by another entity. ( known as the parent.)● Control - is the power to govern the financial and operating policies of an entity so as toobtain benefits from its activities.● Consolidated- From the legal point, the results of a group must be presented as a whole ( consolidated) Consolidation will be defined more formally later in the chapter. Basically, it means Presenting the results of a group of companies as if they were a single company.● Acquisition method: All groups are now consolidated using the acquisition method. This “freezes” the pre-acquisition reserves of subsidiaries. This means that the group’s equity will be less than the sum of the individual companies’ equity. As a result, groups appear to be more highly geared than their constituent companies.Accounting issuesIAS 27 states that control can usually be assumed to exist when the parent owns more than half ( i.e. over 50%) of the voting power of an entity or(a)The parent has power over more than 50% of voting rights by virtue of agreement with other investors.(b)The parent has power to govern the financial and operating policies of the entity byStatute or under an agreement.(c )The parent has the power to appoint or remove a majority of members of the board ofdirectors.(d)The parent has power to cast a majority of votes at meetings of the board of directors.The single-entity conceptBusiness combinations consolidate the results and net assets of group members so as to display the group’s affairs as those of a single economic entity. As already mentioned, this reflected, this conflict更多ACCA资讯请关注高顿ACCA官网：。
ACCAF3考试知识点汇总
2015 年12 月ACCA F3考试知识点汇总☆Types of business entity A business can be organized in one of the several ways: ●Sole trader –a business owned and operated by one person.The simple form of business is the sole trader. This is owned and managed by one person, although there might be any number of employees. A sole trader is fully personall y liable for any losses that the business might make.●Partnership –a business owned and operated by two or more people.A partnership is a business owned jointly by a number of partners. The partners are jointly and severely liable for any losses that the business might make. (Traditionally the big accounting firms have been partnerships, although some are con verting their status to limited liability companies.)●Limited Liability Company –a business owned by many people and operated by m any ( though not necessarily the same) people. Companies are owned by shareholders. Sha reholders are also known as members. As a group, they elect the directors who run the b usiness. Companies are always limited companies.In summary, types of business entity should be differentiated in Ownership; Operation right and Liability for the business to undertake.For all three types of entity, the money put up by the individual, the partners or the shareholders, is referred to as the business capital. In the case of a company, this capital is divided into shares. ☆Business Transactions: Main types of business transactions for a business include:●Purchase of inventory for resale●Sales of goods●Purchase of non-current assets●Payment of expenses●Introduction of new capital to the business●Withdrawal of funds from the business by the owner☆Cash and credit transactions:Cash transactions: the buyer pays for the item immediately or possibly in advance. Credit transactions: the buyer does not have to pay for the item on receipt, but is all owed some time ( a credit period) before having to make the payment.☆Definition of accountingRecording : transactions must be recorded as they occur in order to provide up-to-dat e information for management.Summarizing: the transactions for a period are summarized in order to provide inform ation about the company to interested parties.☆Types of accountingFinancial accounting vs management accountingAccounting reports users include:●Management: Need information about the company’s financial situation as it is curre ntly and it is expected to be in the future. This is to enable them to manage the business efficiently and to make effective decisions.●Investors: The providers of risk, capital and their advisers are concerned with theris k inherent in, and return provided by, their investments. They need information to help th em determine whether they should buy, hold or sell.●Trade payables/ Suppliers: Suppliers and other trade payables. Suppliers and other tr ade payables are interested in information that enables them to determine whether amounts owing to them will be paid when due. Trade payables are likely to be interested in an enterprise over a shorter period than lenders unless they are dependent upon the continuanc e of an enterprise as a major customer.●Shareholders: Shareholders are also interested in market value of shares as well as information which enables them to assess the ability of the enterprise to pay dividends.●Lenders: Lenders are interested in information that enables them to determine wheth er their loans, and the interest attaching to them, will be paid when due.●Customers: Customers have an interest in information about the continuance of an e nterprise, especially when they have a long term involvement with or are dependent on, th e enterprise.●Government and their agencies: Governments are their agencies are interested in the allocation of resources and, therefore, the activities of enterprises. They also require infor mation in order to regulate the activities of enterprises, determine taxation policies and as the basis for national income and similar statistics.●Employees: Employees and their representative groups are interested in information a bout the stability and profitability of their employers. They are also interested in informati on which enables them to assess the ability of the enterprise to prove remuneration, retire ment benefits and employment opportunities.●General public: Enterprises affect members of the public in an variety of ways. For example, enterprises may make a substantial contribution to the local economy in many ways including the number of people they employ and their patronage of local suppliers. Financial statements may assist the public by providing information about the trends and recent developments in the prosperity of the enterprise and the range of its activities.☆The business entity conceptThe business entity concept●States that financial accounting information relates only to the activities of the busin ess entity and not to the activities of its owner.●The business entity is treated as separate from its owners.☆Financial Statements include:- a statement of financial position at the end of the period- a statement of comprehensive income for the period- a statement of changes in equity for the period- statement of cash flows for the period- notes, comprising a summary of accounting policies and other explanatory notes The statement of financial position:Statement of Financial Position: showing the financial position of a business at a poin t of time. The Vertical format of the SFP: (Statement of Financial Position as at31 December 2007)●The top half of the balance sheet shows the assets of the business.●The bottom half of the balance sheet shows the capital and liabilities of the busines s.A Statement of financial position at the end of the period (Balance Sheet): W Xang Balance Sheet as at December 31 20X6The horizontal format of the SFP: (Statement of Financial Position as at 31 Decembe r 2007)●The left half of the balance sheet shows the assets of the business.●The right half of the balance sheet shows the capital and liabilities of the business. W XangStatement of Financial Position as at 31 December 20x6☆The accounting equationFinancial accounting is based upon a very simple idea:The amount of resources supplied by the owner is called capital. The actual resources that are then in the business are called assets. Usually, people other than the owner have supplied some, of the assets, for example, a supplier supplies stock of goods on credit. The business is said to owe a liability towards these suppliers. The following accounting equation always holds true:The accounting equation:ASSETS = PROPRITOR’S CAPITAL + LIABILITIES- Any point in time, the assets of the business will be equal to its liabilities plus the capital of the business;- Assets less liabilities equal the capital of the business, which is known as netassets. - Each and every transaction that the business makes or enters into has two aspects to it and have a double effect on the business and the accounting equation. This is known as the duality concept.Duality concept: Each and every transaction that the business makes or enters into ha s two aspects to it and has a double effect on the business and the accounting equations. This is known as duality concept.if A=C+L=0 .......①C=A-L........②Illustration:1). Carl sets up in business by opening a coffee shop –Carl’s Coffee. He puts $5,00 0 into a business bank account.The opening accounting equation is:Assets (Cash in bank)= Capital + Liabilities($5,000) = ($5,000) + ($0)2). Carl buys furniture (chairs and tables) for the shop for $1,500, paying the supplie r out of the business bank account.The accounting equation after this transaction is:Assets Capital + Liabilties( Cash in bank $3,500) = ($5,000) ($0)(Furniture $ 1,500)3). Now Carl spends a further $2,000 to buy coffee-making equipment and $800 on crockery and cutlery, paying cash out of the business bank account.The accounting equation after this transaction is:Assets Capital + Liabilties(Cash in Bank $700) = ($5,000) ($0)(Equipment $2,000)(Fitting & Fixture $800)(Furniture $1,500)4). Carl persuades his bank to lend $1,000 to develop the business. The bank loan is accounted for as a liability of the business.The accounting equation is now as follows:Assets Capital + Liabilties(Cash in Bank $1,700) = ($5,000) ($1,000)(Equipment $2,000)( Fitting & Fixture $800)(Furniture $ 1,500)5). Carl now buys coffee, tea, milk, sugar, biscuits and cakes for $700, and pays in cash from the business bank account.The accounting equation is now as follows:Assets Capital + Liabilties(Inventory $700) = ($5,000) ($1,000)(Equipment $2,000)(Fitting & Fixture $800)(Furniture $1,500)(Cash in Bank $ 1,000)6). In his first day of trading, Carl uses up $650 of his inventory, and makes sales t otaling $1,050. All his sales are in cash.The accounting equation at the end of the day is as follows:Assets Capital + Liabilities(Inventory $50) = (Beginning $5,000) ($1,000)(Equipment $2,000) ( Profit $400)(Fitting & Fixture $800)(Furniture $1,500)( Cash in bank $2,050)☆Classification of Assets and LiabilitiesAssets: An asset is something owned or controlled by the business that will result in future economic benefits to the business. ( an inflow of cash or other assets.) Such as:Current assets:are assets owned by the business with the intention of turning them int o cash within one year (accounting period).This definition allows inventory or receivables to quality as current assets, e ven if the y may not be realized into cash within 12 months.Non-current asset: is an asset held for and used in operation(rather than for selling to customer), with a view to earning income or making profits from its use, for over more than one year ( accounting period).Liability: is something owed by the business to someone else.Current liability: These include the debts of the business that are repayable within the next 12 months.Non-current liabilities: are liabilities that do not need to be settled for at least one ye ar. (excluding the current portion of the debt)Capital: Capital is a type of liability. It represents the owner’s net investment in the business. Capital appears as a credit balance on the balance sheet.Assets –Liabilities = PROPRIETOR’S CAPITALNet Assets =( T otal )Assets –(T otal) LiabilitiesCapital (at SFP date) = Capital introduced + Profit –DrawingsDrawing: Drawings are any amounts taken out of the business by the owner for their own personal use. Drawings will reduce the capital balance reported on the balance sheet.Include:●Money taken out of the business●Goods taken for personal use●Personal expenses paid by the businessIncome statementIncome statement:Mr. W XangIncome statement for the year ended 31 December 20X6●Showing the financial performance of a business over a period of time.●Reports revenue and expenses for the period.●The sales revenue shows the income from goods sold in the year●The cost of buying the goods sold must be deducted from the revenue●The current year’s sales will include goods bought in the previous year, so this ope ning inventory must be added to the current year’s purchases.●Some of this year’s purchases will be unsold at 31/12/20x6 and this closing invento ry must be deducted from purchases to be set off against next year’s sales.●The first part gives gross profit. The second part gives net profit.The I.S. prepared following the accruals concept.Accrual concept:●Income and expenses are recorded in the I.S. as they are earned / incurred regardles s of whether cash has been received/ paid.(Sales revenue: income from goods sold in the year, regardless of whether those good s have been paid for.)☆Relationship between a statement of financial position and a statement of income●The balance sheets are not isolated statements, they are linked over time with the in come statement●As the business records a profit in the income statement, that profit is added to the capital section of the balance sheet, along with any capital introduced. Cash taken out of the business by the proprietor, called drawings, is deducted. Illustration –the accounting equation:The transactions:Day 1 Avon commences business introduction $1,000 cash.Day 2 Buys a motor car for $400 cash.Day 3 Buys inventory for $200 cash.Day 4 Sells all the goods bought on Day 3 for $300 cash.Day 5 Buys inventory for $400 on credit.SFP at the end of each day’s transactions:Solution:Day 1 Assets (Cash $1,000) = Capital ($1,000) + Liabilities ($0)Day 2 Assets (Motor $400) = Capital ($1,000) + Liabilities ($0)(Cash $600)Day 3 Assets ( Inventory $200) = Capital($1,000) + Liabilities ($0)(Motor $400)(Cash $400)Day 4 Assets ( Motor$ 400) = Capital + Liabilities ($0)(Cash $700) (Beginning$1,000)(Profit $100)Day 5 Assets (Inventory $ 400) = Capital + Liabilities( Motor$ 400) (Beginning$1,000)($400)(Cash $700) (Profit $100)Avon Statement of Financial Position as at end of Day 5Example: Continuing from the illustration above, prepare the SFP at the end of each day after accounting for the transactions below:Day 6 Sells half of the goods bought on Day 5 on credit for $250.Day 7 Pays $200 to his supplier.Day 8 Receives $100 from a customer.Day 9 Proprietor draws $75 in cash.Day 10 Pays rent of $40 in cash.Day 11 Receives a loan of $600 repayable in two years.Day 12 Pays cash of $30 for insurance.Your starting point is the SFP at the end of Day 5, from the illustration above. Prepare: SFP at the end of Day 12I.S. for the first 12 days of trading.Solution:Day 6 Assets (Inventory $ 200) = Capital + Liabilities( Motor$ 400) (Beginning$1,000)($400)(Cash $700) (Profit $150)(A/Receivable$250)Day 7 Assets (Inventory $ 200) = Capital + Liabilities( Motor$ 400) (Beginning$1,000)($200)(Cash $500) (Profit $150)(A/Receivable$250)Day 8 Assets (Inventory $ 200) = Capital + Liabilities ( Motor$ 400) (Beginning$1,000)($200)(Cash $600) (Profit $150)(A/Receivable$150)Day 9 Assets (Inventory $ 200) = Capital + Liabilities ( Motor$ 400) (Beginning$1,000)($200)(Cash $525) (Profit $150)(A/Receivable$150) (Drawing $75)Day 10 Assets (Inventory $ 200) = Capital + Liabilities ( Motor$ 400) (Beginning$1,000)($200)(Cash $485) (Profit $110)(A/Receivable$150) (Drawing $75)Day 11 Assets (Inventory $ 200) = Capital + Liabilities ( Motor$ 400) (Beginning$1,000)($200)(Cash $1,085) (Profit $110) ($600)(A/Receivable$150) (Drawing $75)Day 12 Assets (Inventory $ 200) = Capital + Liabilities (Motor$ 400) (Beginning$1,000)($200)(Cash $1,055) (Profit $80 ) ($600)(A/Receivable$150) (Drawing $75)AvonStatement of Financial Position as at end of Day 12AvonIncome statement for the period ended at Day 12Session 3 Double entry bookkeeping☆The duality concept and double entry bookkeepingDuality concept: each and every transaction has a double effect on the business and t he accounting equations.(A= C + L)Rules of double entry bookkeeping:●Each time a transaction is recorded, both effects must be taken into account.●These two effects are equal and opposite such that the accounting equation will al ways prove correct.Assets –Liabilities = Capital●Traditionally, one effect is referred to as the debit side ( Dr.) and the other as the credit side of the entry (Cr.)☆Ledger accounts, debits and creditsLedger account:●transactions are recorded in the relevant ledger accounts. There is a ledger account for each asset, liability, revenue and expenses’item, and for the owner’s capi tal.●Each account has two sides: the debit and credit sides.●The duality concept means that each transaction will affect two ledger accounts ●One account will be debited and the other credited●Whether an entry is to debit or credit side of an account depend on the types of account and the transaction.。
ACCA 双语讲义 F3
ACCA F3
第一章 会计简介 18
2 使用群体
七大使用群体（“POEBALL”）：
使用群体
信息需求
公众（P）
以下部分或全部
所有者/投资者（有时称为“权益投资 经营情况如何。可能获得多少收入。经理表现如
者”）（O）
agreement will normally be in Companies House. More
writing)
formalities for a PLC.
Advantages
Flexible. Trader keeps all of the profits. No disputes with fellow owners. Privacy.
C for profit” organisations.
H 5 The regulatory framework
5.1 Sources of regulation in the UK
INA All UK companies
Companies Act 2006 sets out prescriptive layouts for the financial statements. Requires the preparers of accounts to present a true and fair view. This does not mean “accurate to the penny”.
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Course Notes 2016
Exams September 15 – June 17
ACCFAI CH Paper F3 - 双语讲义 IN Financial Accounting A 财务会计
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2015年ACCA考试《F3财务会计》辅导资料8本文由高顿ACCA整理发布，转载请注明出处
Recording cash transactions
Cash transactions:
Payment is made or received immediately.
Cheque payments or receipts are classed as cash transactions.
Double entry involves the bank ledger:
A debit entry is where funds are received
A credit entry is where funds are paid out.
Recording credit sales and purchases
Credit sales and purchases:
● are transactions where goods or services change hands immediately
● payment is n ot made or received until some time in the future.
Receivables and payables:
● Money that a business is owed is accounted for in the receivables ledger
● Money that a business owes is accounted for in the payables ledger.
Example:
Norris notes down the following transactions that happened to Avon in June.
1.Sell goods for $250 – the customer will pay in a month.
2.Pay $50 petrol for the delivery van.
3.Buy $170 goods for resale on credit.
4.Buy another $40 goods for resale, paying cash.
5.Buy a new computer for the business for $800.
Record these transactions using ledger accounts.
Solution:
1.Dr. Trade receivables250
Cr. Sales250
2.Dr. Petrol Expense50
Cr. Cash in bank50
3.Dr. Purchase170
Cr. Trade payables170
4.Dr. Purchase40
Cr. Cash in bank40
5.Dr. Computer800
Cr. Cash in bank800
● Perpetual and Periodic inventory system
Detailed record of inventory movement in and out of the business can be a very tedious and inefficient process. Such a system of keeping stock records is known as the perpetual system.
In a retail business with high stock turnover (i.e. the inventory move very fast) it is almost impossible to keep detailed records of every item of stock that is received and sold, and to recognize the profit on sale of very single item of stock, in such circumstance, the periodic inventory system is applied.
In other words, the inventory account remains stagnant through out the entire period.
An inventory count is performed at the end of the accounting period to determine the inventory held on hand.
Profit is established by taking sales less cost of goods sold, where
Cost of goods sold = Beginning inventory + Purchasing – Ending inventory
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