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The organization of Chartered qualified Accountants (ACCA) is the worldwide physique for pro accountants. With over a hundred years of supplying world-class accounting and finance skills, the ACCA has considerably raised its foreign profile lately and now helps a BSc (Hons) in utilized Accounting and an MBA.BPP studying Media is an ACCA legitimate writer. Paper F3 concentrates at the fundamentals of monetary accounting. the thing is to offer scholars a very good grounding in double access book-keeping and the coaching of simple monetary statements for sole investors, partnerships and firms. the most sections are: 1. The context and function of economic reporting 2. Accounting conventions three. Use of double access book-keeping four. Recording transactions and occasions five. getting ready a tribulation stability 6. getting ready simple monetary statementsThe syllabus is especially just like the outdated paper 1.1, yet contains extra aspect on credits transactions (particularly the reconciliation of provider statements earlier than check is made). even though, Paper F3 excludes paintings on ratios and simple consolidated monetary statements, that are now in Paper F7.The above notes follow to either the overseas and united kingdom streams. even though, scholars will be acutely aware that ACCA's major move is now foreign, with united kingdom being provided in basic terms as a variation. we offer fabrics for either the F3 overseas move and the united kingdom variation. The examiner has reviewed the research textual content, which concentrates at the key components of the syllabus and takes account of the examiner's assistance on how issues may be tested. It incorporates a step by step method of subject matters that scholars might locate tricky, corresponding to regulate account reconciliations and suspense bills. there are various examples and questions in every one bankruptcy that can assist you guidance the techniques.BPP studying Media is the writer of selection for lots of ACCA scholars and university companies world wide. subscribe to them and plug right into a international of workmanship in ACCA checks.

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An example of the application of the prudence concept is the requirement to value inventory at the lower of cost and net realisable value. 42 3: Accounting conventions ~ Part B The qualitative characteristics of financial information and the fundamental bases of accounting This is all very well, but it can lead to problems, of which the following can be identified as the most significant. (a) (b) (c) (d) Prudence most obviously conflicts with the accrual assumption because it requires that the matching of costs and revenues should not take place if there is any doubt about the future recoverability of deferred costs.

A) (b) The basis on which the financial statements have been prepared. The reasons why the entity is not considered to be a going concern. 7 Accruals basis of accounting Key term In the accruals basis of accounting, items are recognised as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Framework. (IAS 1) Entities should prepare their financial statements on the basis that transactions are recorded in them, not as the cash is paid or received, but as the revenues or expenses are earned or incurred in the accounting period to which they relate.

The main significance of a going concern is that the assets should not be valued at their 'break-up' value; the amount they would sell for if they were sold off piecemeal and the business were broken up. 6 Example: Going concern Emma acquires a T-shirt printing machine at a cost of $60,000. The asset has an estimated life of six years, and it is normal to write off the cost of the asset to the income statement over this time. In this case a depreciation cost of $10,000 per year is charged. Using the going concern assumption, it is presumed that the business will continue its operations and so the asset will live out its full six years in use.

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