By Bpp Learning Media
The organization of Chartered qualified Accountants (ACCA) is the worldwide physique for pro accountants. With over a hundred years of delivering world-class accounting and finance skills, the ACCA has considerably raised its overseas profile lately and now helps a BSc (Hons) in utilized Accounting and an MBA.BPP studying Media is an ACCA legit writer. Paper F3 concentrates at the fundamentals of economic accounting. the thing is to offer scholars an exceptional grounding in double access book-keeping and the coaching of simple monetary statements for sole investors, partnerships and corporations. the most sections are: 1. The context and objective 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 uncomplicated monetary statementsThe syllabus is especially just like the previous paper 1.1, yet contains extra aspect on credits transactions (particularly the reconciliation of provider statements ahead of fee is made). even if, Paper F3 excludes paintings on ratios and uncomplicated consolidated monetary statements, that are now in Paper F7.The above notes follow to either the foreign and united kingdom streams. although, scholars can be conscious that ACCA's major circulate is now overseas, with united kingdom being provided purely as a variation. we offer fabrics for either the F3 overseas circulate and the united kingdom variation. The examiner has reviewed the examine textual content, which concentrates at the key parts of the syllabus and takes account of the examiner's tips on how subject matters should be tested. It features a step by step method of issues that scholars may perhaps locate tricky, resembling keep an eye on account reconciliations and suspense money owed. there are many examples and questions in each one bankruptcy that will help you coaching the techniques.BPP studying Media is the writer of selection for plenty of ACCA scholars and institution services around the globe. sign up for them and plug right into a global of workmanship in ACCA checks.
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Additional resources for ACCA - F3 Financial Accounting (INT): Study Text
What is its economic value? 5 Advantages and disadvantages of historical cost accounting The advantage of historical cost accounting is that the cost is known and can be proved (eg by the invoice). There is no subjectivity or bias in the valuation. There are a number of disadvantages and these usually arise in times of rising prices (inflation). When inflation is low, then historical cost accounting is usually satisfactory. However, when inflation is high the following problems can occur. 1 Non-current asset values are unrealistic The most striking example is property.
The Framework consists of several sections or chapters, following on after a preface and introduction. These chapters are as follows. x x x x x x x The objective of financial statements. Underlying assumptions Qualitative characteristics of financial statements The elements of financial statements Recognition of the elements of financial statements Measurement of the elements of financial statements Concepts of capital and capital maintenance We will look briefly at the preface and introduction to the Framework as these will place the document in context with the rest of what you will study for this paper.
However, the following arguments may be put forward against standardisation and in favour of choice. (a) (b) (c) (d) Exam focus point A set of rules which give backing to one method of preparing accounts might be inappropriate in some circumstances. Standards may be subject to lobbying or government pressure (in the case of national standards). For example, in the USA, the accounting standard FAS 19 on the accounts of oil and gas companies led to a powerful lobby of oil companies, which persuaded the SEC (Securities and Exchange Commission) to step in.