Paper F3: Financial accounting - Study text 2016

Chia sẻ: Nguyen The Quan | Ngày: | Loại File: PDF | Số trang:554

Thêm vào BST

Báo xấu

83
lượt xem 20
download

Download Vui lòng tải xuống để xem tài liệu đầy đủ

To help reinforce the knowledge you have learned and become familiar with exam format in English, you are invited to refer to paper F3 "Financial accounting - Study text 2016" below. Hopefully content helps document you achieve good results in exams soon.

Chủ đề:

Bình luận(0) Đăng nhập để gửi bình luận!

Lưu

Nội dung Text: Paper F3: Financial accounting - Study text 2016

https://www.facebook.com/chiasetailieuACCA/ACCA APPROVED CONTENT PROVIDER FIA FFA /ACCA F3 ACCA approved content provider BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time. BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials. BPP Learning Media’s study materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success. Financial Accounting FIA FFA / ACCA Paper F3 Financial Accounting This Interactive Text for FIA FFA Financial Accounting In addition to ACCA examining team reviewed and ACCA Paper F3 Financial Accounting has been material you get: comprehensively reviewed by the ACCA examining • Chapter activities to test your understanding of the team. This review guarantees appropriate depth topics covered and breadth of content and comprehensive syllabus • Key terms extracted from the text and highlighted coverage. in ‘key term’ boxes Interactive Text • Exam focus points highlighting ways in which topics might be examined • A question and answer bank prepared by BPP Learning Media authors • Icons to highlight activities, key terms, PER alerts and quick quizzes • Regular fast forward summaries emphasising the key points in each chapter ACCA Approved For exams from 1 September 2015 to 31 August 2016 Interactive Text Free access to our Exam FIA FFA / ACCA Paper F3 Success site Contact us BPP House 142-144 Uxbridge Road Financial Accounting Look inside London W12 8AA United Kingdom For exams from 1 September 2015 T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) to 31 August 2016 E Learningmedia@bpp.com bpp.com/learningmedia April 2015 £25.00 https://www.facebook.com/chiasetailieuACCA/ FI32ST15 (POL).indd 1-3 07/04/2015 12:52
https://www.facebook.com/chiasetailieuACCA/ ACCA APPROVED CONTENT PROVIDER As the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike. Our Study Texts, Practice & Revision Kits and i-Passes (for ACCA F1/FIA FAB, ACCA F2/FIA FMA, ACCA F3/ FIA FFA and ACCA F4) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success. EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCA resources. Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods. To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to Exam Success site - eBook”, including your order reference number and the name of the book you’ve bought (ie ACCA F7 Study Text) for your access code. Once you have received your code, please follow the instructions below: To access the BPP ACCA Exam Success site for this material please go to: www.bpp.com/ExamSuccessSite n Create a user account if you don’t already have one. Make sure you reply to the confirmation email. n Log in using your registered username and password. Select the paper you wish to access. n Enter the code you received when prompted. You will only have to do this once for each paper you are studying. https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ I N T FFA E R A C T PAPER F3 I V FINANCIAL ACCOUNTING E T BPP Learning Media is an ACCA Approved Content Provider for the FIA qualification. This means we work closely with ACCA to ensure this Interactive Text E contains the information you need to pass your exam. X In this Interactive Text, which has been reviewed by the ACCA examination team, we: T  Highlight the most important elements in the syllabus and the key skills you need  Signpost how each chapter links to the syllabus and the study guide  Provide lots of exam focus points demonstrating what the examiner will want you to do  Emphasise key points in regular fast forward summaries  Test your knowledge in quick quizzes  Examine your understanding in our practice question bank  Reference all the important topics in our full index BPP’s Practice & Revision Kit also supports this paper. FOR EXAMS FROM 1 SEPTEMBER 2015 TO 31 AUGUST 2016 https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING First edition March 2011 Fourth edition April 2015 ISBN 9781 4727 3525 6 A note about copyright (Previous ISBN 9781 4453 7027 9) eISBN 9781 4727 2854 8 Dear Customer British Library Cataloguing-in-Publication Data What does the little © mean and why does it matter? A catalogue record for this book is available from Your market-leading BPP books, course materials and e-learning the British Library materials do not write and update themselves. People write them on their own behalf or as employees of an organisation that Published by invests in this activity. Copyright law protects their livelihoods. It BPP Learning Media Ltd does so by creating rights over the use of the content. BPP House, Aldine Place Breach of copyright is a form of theft – as well as being a criminal 142–144 Uxbridge Road offence in some jurisdictions, it is potentially a serious breach of London W12 8AA professional ethics. www.bpp.com/learningmedia With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Printed in the United Kingdom by  Photocopying our materials is a breach of copyright  Scanning, ripcasting or conversion of our digital materials Ricoh UK Limited into different file formats, uploading them to Facebook or Unit 2 emailing them to your friends is a breach of copyright Wells Place Merstham You can, of course, sell your books, in the form in which you have RH1 3LG bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not Your learning materials, published by BPP supply 'unlock' codes to people who have bought them Learning Media Ltd, are printed on paper secondhand. obtained from traceable sustainable sources. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local All our rights reserved. No part of this publication printing arrangements, pricing policies and partnerships which are may be reproduced, stored in a retrieval system or clearly listed on our website. A tiny minority ignore this and transmitted in any form or by any means, indulge in criminal activity by illegally photocopying our material electronic, mechanical, photocopying, recording or or supporting organisations that do. If they act illegally and otherwise, without the prior written permission of unethically in one area, can you really trust them? BPP Learning Media. We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The suggested solutions in the practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. © BPP Learning Media Ltd 2015 https://www.facebook.com/chiasetailieuACCA/ ii
https://www.facebook.com/chiasetailieuACCA/ CONTENTS Contents Page Introduction Helping you to pass ...................................................................................................................... v Chapter features ........................................................................................................................... vi Studying FFA/F3.......................................................................................................................... vii The Computer Based Examination ................................................................................................. xx Tackling Multiple Choice Questions.............................................................................................. xxiv Part A The context and purpose of financial reporting 1 Introduction to accounting ..................................................................................................... 3 2 The regulatory framework .................................................................................................... 19 Part B The qualitative characteristics of financial information 3 The qualitative characteristics of financial information............................................................. 31 Part C The use of double entry and accounting systems 4 Sources, records and books of prime entry ............................................................................. 45 5 Ledger accounts and double entry......................................................................................... 59 6 From trial balance to financial statements.............................................................................. 89 Part D Recording transactions and events 7 Sales tax.......................................................................................................................... 107 8 Inventory ......................................................................................................................... 117 9 Tangible non-current assets ............................................................................................... 143 10 Intangible non-current assets.............................................................................................. 179 11 Accruals and prepayments ................................................................................................. 191 12 Irrecoverable debts and allowances..................................................................................... 205 13 Provisions and contingencies.............................................................................................. 221 Part E Preparing a trial balance 14 Control accounts............................................................................................................... 235 15 Bank reconciliations .......................................................................................................... 257 16 Correction of errors ........................................................................................................... 269 17 Preparation of financial statements for sole traders ............................................................... 283 Part F Preparing basic financial statements 18 Incomplete records............................................................................................................ 297 19 Introduction to company accounting.................................................................................... 321 20 Preparation of financial statements for companies ................................................................ 339 21 Events after the reporting period ......................................................................................... 367 22 Statements of cash flows ................................................................................................... 373 Part G Preparing simple consolidated financial statements 23 Introduction to consolidated financial statements.................................................................. 393 24 The consolidated statement of financial position ................................................................... 407 25 The consolidated statement of profit or loss and other comprehensive income.......................... 433 Part H Interpretation of financial statements 26 Interpretation of financial statements................................................................................... 451 Practice question bank ......................................................................................................................... 479 Practice answer bank ........................................................................................................................... 505 Index ..................................................................................................................................................... 517 Review form https://www.facebook.com/chiasetailieuACCA/ iii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ iv
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION Helping you to pass BPP Learning Media – Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team's comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Interactive Text provides excellent, ACCA-approved support for your studies. The PER alert! To become a Certified Accounting Technician or qualify as an ACCA member, you have to not only pass all your exams but also fulfil a practical experience requirement (PER). To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the 'PER alert' feature. You will find this feature throughout the Interactive Text to remind you that what you are learning in order to pass your FIA and ACCA exams is equally useful to the fulfilment of the PER requirement. Your achievement of the PER should be recorded in your online My Experience record. Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the Text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success. Developing exam awareness Our Texts are completely focused on helping you pass your exam. Our advice on Studying FFA/F3 outlines the content of the paper and the recommended approach to studying. Exam focus points are included within the chapters to highlight when and how specific topics might be examined. Using the Syllabus and Study Guide You can find the Syllabus and Study Guide on page ix of this Interactive Text. Testing what you can do Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt. We include Questions – lots of them – both within chapters and in the Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. https://www.facebook.com/chiasetailieuACCA/ v
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Chapter features Each chapter contains a number of helpful features to guide you through each topic. Topic list Tells you what you will be studying in this chapter and the relevant section numbers, together with the ACCA syllabus references. Introduction Puts the chapter content in the context of the syllabus as a whole. Study Guide Links the chapter content with ACCA guidance. Fast Forward Summarises the content of main chapter headings, allowing you to preview and review each section easily. Key Term Definitions of important concepts that can often earn you easy marks in exams. Exam Focus Tells you how specific topics may be examined. Point Formula Formulae which have to be learnt. PER Alert This feature gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER). Question Gives you essential practice of techniques covered in the chapter. Chapter Roundup A full list of the Fast Forwards included in the chapter, providing an easy source of review. Quick Quiz A quick test of your knowledge of the main topics in the chapter. Practice Question Bank Found at the back of the Interactive Text with more exam- style chapter questions. Cross referenced for easy navigation. https://www.facebook.com/chiasetailieuACCA/ vi
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION Studying FFA/F3 How to Use this Interactive Text Aim of this Interactive Text To provide the knowledge and practice to help you succeed in the examination for Paper FFA/F3 Financial Accounting. To pass the examination you need a thorough understanding in all areas covered by the syllabus and teaching guide. Recommended approach (a) To pass you need to be able to answer questions on everything specified by the syllabus and teaching guide. Read the Text very carefully and do not skip any of it. (b) Learning is an active process. Do all the questions as you work through the Text so you can be sure you really understand what you have read. (c) After you have covered the material in the Interactive Text, work through the Practice Question Bank, checking your answers carefully against the Practice Answer Bank. (d) Before you take the exam, check that you still remember the material using the following quick revision plan. (i) Read through the chapter topic list at the beginning of each chapter. Are there any gaps in your knowledge? If so, study the section again. (ii) Read and learn the key terms. (iii) Look at the exam focus points. These show the ways in which topics might be examined. (iv) Read the chapter roundups, which are a summary of the fast forwards in each chapter. (v) Do the quick quizzes again. If you know what you're doing, they shouldn't take long. This approach is only a suggestion. You or your college may well adapt it to suit your needs. Remember this is a practical course. (a) Try to relate the material to your experience in the workplace or any other work experience you may have had. (b) Try to make as many links as you can to other papers at the Introductory and Intermediate levels. For practice and revision use BPP Learning Media's Practice & Revision Kit, i-Pass and Passcards. https://www.facebook.com/chiasetailieuACCA/ vii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING What FFA/F3 is about Paper FFA/F3 aims to develop your knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the use of double entry techniques, including the preparation of basic financial statements for incorporated and unincorporated entities, as well as simple consolidated financial statements for group incorporated entities. You also need to be able to conduct a basic interpretation of financial statements. If you plan to progress through the ACCA qualification, the skills you learn at F3 will be built on in Papers F7 and P2. Approach to examining the syllabus Paper FFA/F3 is a two-hour paper. It can be taken as a written paper or a computer based examination. The questions in the computer based examination are objective test questions – multiple choice, number entry and multiple response. (See page xx for frequently asked questions about computer based examinations.) Both the written and computer based examinations are structured as follows. Number of marks Section A 35 compulsory objective test questions of two marks each 70 Section B 2 compulsory multi-task questions of fifteen marks each 30 100 Multi-task questions are a series of short questions relating to one scenario. These short questions can take a number of formats eg drop down lists, multiple choice, number entry and multiple response. In paper exams, multi-task questions will require longer answers and workings need to be shown to ensure that an error is only penalised once. https://www.facebook.com/chiasetailieuACCA/ viii
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION Syllabus and Study Guide https://www.facebook.com/chiasetailieuACCA/ ix
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ x
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xi
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ xii
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xiii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ xiv
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xv
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ xvi
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xvii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ xviii