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F3 FINANCIAL ACCOUNTING

By Jeff Washington,2014-01-07 13:10
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F3 FINANCIAL ACCOUNTING

     F3 FINANCIAL ACCOUNTING

    目录

    1. Accounting ________________________________________________________ 2 2. INCOME STATEMENT ________________________________________________ 2 3. Statement of financial position ________________________________________ 2 4.IASCF _____________________________________________________________ 2 5.prime entry ________________________________________________________ 2 6.memorandum ledgers ________________________________________________ 3 7.debit&credit________________________________________________________ 3 8.THE CLOSING AND OPENING INVENTORIES PAGE 111 _______________________ 4 9.Sales tax control account (SOFP) _______________________________________ 4 10.valuation the inventories ____________________________________________ 6 11.the purchase price __________________________________________________ 7 12.depreciation_______________________________________________________ 7 13.disposal of non-current asset _________________________________________ 9 14. Revaluations _____________________________________________________ 10 15.Intangible non-current assets ________________________________________ 11 16. Irrecoverable debits and allowance __________________________________ 13 17.control accounts __________________________________________________ 17 18. Bank reconciliations _______________________________________________ 20 19.correction of errors ________________________________________________ 20 20.Cost structure Margin and mark-up _________________________________ 21

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    1. Accounting is a way of recording, analyzing and summarizing transactions of a business

    2. INCOME STATEMENT course note page 33

    INCLUDE Sales ; Cost of sales ;opening inventories ; Purchases; carriage inwards; closing inventories; gross profit ;sundry income ;discounts receivable; expense; rent; carriage outwards; telephone ;electricity; wages and salaries; depreciation; bad and doubtful debits ;motor expenses; discounts allowable; profit for the year

    3. Statement of financial position

    Course note page 34

    INCLUDE assets; on-current assets; land and buildings; office equipment; motor vehicles ;furniture and fixtures; current assets ;inventories ;trade receivables; allowance for receivables;prepayments;cash in hand and at bank; total assets; capital and liabilitie s ;capital ;profit ;drawings ;non-current liabilities; bank loans ;current liabilities ;bank overdraft; trade payables ;accruals ;total capital and liabilities

    4.IASCF=International Accounting Standards Committee Foundation FUNCTIONS:

    appoint members and raise the finance

    IASB=International Accounting Standards Board FUNCTIONS: develop a single set of high quality accounting standards International Financial Reporting Standards IFRS IFRIC issues guidance

    SAC advise the IASB

    5.prime entry

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    6.memorandum ledgers

    To know how much is owed by made by rearranging the a particular customer or to a information in the day books certain supplierat a point in into individual customer and

    timesupplier accounts

    7.debit&credit

    expenditure include furniture electricity

    telephone

    asset

    drawings

    purchases

    cash

    liabilities

    income

    sales

    capital

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8.THE CLOSING AND OPENING INVENTORIES

    PAGE 111

    Closing

    Inventories(SOFP)inventories(cost

    of the sales-I/s)

    Opening

    Inventories(SOFP)inventories (cost

    of the sales-i/s)

Closing inventories in SOFP

     $ $ Sales

    Less cost of sales

    Purchases

    Less closing inventories

    Gross profit

    Less expense

    Rent

    Electricity

    Net profit

    9.Sales tax control account (SOFP)

    Sales

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Trade Salesreceivables

    Sales tax

    control

    account(SOFP)

    Purchase

    Trade Purchases

    payablessales tax

    control

    account

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10.valuation the inventories

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    11.the purchase price

    Directly attributable cost to bring the asset to its intended location and ready to use

    sales tax

    trade discount

    the cost of maintenance contracts

    administration and general overhead costs

    staff training costs

    import duties

    initial delivery and handling costs

    installing and assembly costs

    costs of testing whether the asset is working properly

    professional fees

    12.depreciation

    There are two main methods for calculating depreciation: a/straight line

    b/reducing balance method

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     the cost

    depreciation accumulated

    expense(I/S)depreciation(SOFP)

    functions:it functions:it is an reduces the value expense in the of the asset in the income statementSOFP

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13.disposal of non-current asset

    STEPS:everything to do with the disposal 1.

    Disposal Non-current

    account(I/S)asset(SOFP)

    remove the

    cost of the

    asset

2.

    accumulated disposal

    assetaccount

    remove the

    AA

STEP 1+2

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    disposal

    NBV

    account

    STEP

    1+2

3.

    disposal

    Cash

    account

    Account for

    sales

    proceeds

    4.balance and find the profit or loss 14. Revaluations

    if an entity owns a property it may notice that its value increases over time.

    STEP:

    1. adjust cost account to revalued amount 2. Remove accumulated depreciation charged on the asset to date

    3. Put the balance to the revaluation reserve

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