Acca F3 Financial Accounting Tuition Class Notes

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ACCA F3

FINANCIAL ACCOUNTING

International Stream

TUITION

CLASS NOTES

Appendix

The following notes are suitable for both the international and UK streams. There will some terminology differences between the two streams. These are summarised below:

|International |UK | |Statement of comprehensive income |Profit and loss account | |Statement of financial position |Balance sheet | |Non-current assets |Fixed assets | |Inventory |Stock | |Trade receivables |Debtors | |Non-current liabilities |Long term liabilities | |Trade payables |Creditors | |Irrecoverable debts |Bad debts |

Contents

Paper background

Session 1Introduction to accounting

Session 2Financial statements

Session 3Double entry book keeping

Session 4Non-current assets

Session 5Inventory

Session 6Irrecoverable Debts

Session 7Control Accounts

Session 8Bank Reconciliations

Session 9Accruals and prepayments

Session 10Limited Company accounts

Session 11Statements of cash flow

Session 12Incomplete records

Session 13Partnerships

Paper background

Aim

The aim of this paper is to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.

Main capabilities

On completion of this paper, you should be able to:

Explain the context and purpose of financial reporting

Define the qualitative characteristics of financial information and the fundamental bases of accounting

Demonstrate the use of double-entry and accounting systems

Record transactions and events

Prepare a trial balance (including identifying and correcting errors)

Prepare basic financial statements for incorporated and unincorporated entities

The assessment

The exam can be sat either written or computer based, both methods are 2 hours long.

Written

40 x 2 mark questionsMultiple choice A / B / C / D

10 X 1 mark questionsMultiple choice A / B or A / B / C

Computer based

40 x 2 mark questionsQuestions can be multiple choice, multiple response, matching or number entry

10 x 1 mark questionsMultiple response (correctly identify two from three right answers)

The pass mark is 50%

SESSION 1INTRODUCTION TO ACCOUNTING

Learning outcomes

• Understand the purpose of accounting

• Identify the different types of businesses

• Indentify the users of accounts

• Explain the qualitative characteristics of financial statements

• Understand the underlying assumptions of financial statements

Introduction

WHAT IS ACCOUNTING?

Accounting is made up of two elements:

I. Recording business transactions - Book keeping

II. Presenting the information

WHAT IS A BUSINESS?

A business is a commercial organisation which exists with a view to making a profit. There are different types of businesses which will fall into...
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