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ACCA F3 Financial accounting (ATC) - файл F3FAVol1-DSG_d07.doc

ACCA F3 Financial accounting (ATC)
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F3FA(Int)StudyOverview_PTC_d07.pdf108kb.24.10.2008 02:15скачать
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Study System Session


Study Question

Date completed


Context of financial reporting

This Session introduces some of the types of entity encountered in the accountancy profession. This first volume concentrates on the accounts of a sole trader, other entities will be considered in detail in Volume 2. The Session introduces a number of accounting terms, most of which will be expanded in later Sessions.

After studying this you should be able to:

  • identify and define types of business entity, recognise their legal differences and the advantages and disadvantages

  • define financial reporting, understand its nature, principles and scope and the purpose of each of the main financial statements

  • identify users of financial statements differentiate between their information needs.


Balance sheet and income statement


This Session introduces “illustrations” and “examples”. An Illustration is used to explain a particular point and a solution, if needed, follows immediately after it. Examples should be attempted and checked against the solution, which appears at the end of the Session. This Session describes the two main financial statements that accountants are required to produce and analyse. The formats given in this Session are very important and must be learnt. The distinction between capital and revenue expenditure is very important as this dictates whether the transaction appears in the income statement or on the balance sheet.

After studying this you should be able to:

  • define assets, liabilities, equity, revenue and expenses

  • classify items as current or non-current

  • calculate revenue, cost of sales, gross profit and net profit

  • classify expenditure as capital or revenue.

^ Study System Session


Study Question

Date completed


Double entry bookkeeping principles


The Session introduces the accounting equation, this equation in one form or another forms an extremely important part of the accounting function and must become second nature to accountants.

After studying this you should be able to:

  • understand and apply the duality concept and the accounting equation

  • explain how the balance sheet equation and the business entity convention underlie the balance sheet

  • identify the main types of business transactions.

4 - 5

These Sessions start to look at the use of “T” accounts in recording transactions. “T” accounts are extremely important to the accountant as, although in practice accountants very rarely have to record transactions, they do need an awareness of how transactions have been recorded. Session 4 introduces the terms DEBIT and CREDIT which need to become “second-nature” to accountants. Session 5 considers the settlement of credit sale and purchase transactions.


Ledger accounting

4 – 8

After studying this you should be able to:

  • understand and apply the concept of double-entry bookkeeping

  • record cash transactions in ledger accounts

  • balance ledger accounts

  • extract a trial balance

  • close ledger accounts.

^ Study System Session


Study Question

Date completed


Credit transactions

9 – 11

After studying this you should be able to:

  • record credit transactions in ledger accounts

  • understand and record sale and purchase returns

  • account for discounts.

& 16, 17


Trial balance

12 – 15

This Session explains the use of the trial balance in helping to find errors and the link it provides between recording transactions and preparing financial statements. Pay particular attention to understanding which errors are identified by the trial balance and why. This will be crucial to tackling the topic of suspense accounts later,

After studying this you should be able to:

  • understand the purpose of the trial balance and its limitations

  • identify errors which would be highlighted by the extraction of a trial balance.


Fundamental bases

^ This short Session introduces some of the theory that forms the basis of financial reporting.

After studying this you should be able to:

  • identify and explain the main characteristics of alternative valuation bases

  • understand the advantages and disadvantages of historical cost accounting

  • explain the underlying assumptions of financial statements – going concern and accrual basis.

^ Study System Session


Study Question

Date completed

8 - 11

These 4 sessions look at the adjustments that are required at the year end in order that the financial statements can reflect fully the activity for the period. Note how the double-entry can “work” to calculate a charge (or credit) to the income statement without need for a separate proof.


Accruals and prepayments

18 – 24

After studying this you should be able to:

  • understand how the “matching” concept applies to accruals and prepayments

  • identify and calculate the adjustments needed for accruals and prepayments

  • prepare journals and ledger entries to create accruals and prepayments

  • identify the impact on profit and net assets of accruals and prepayments.

Test 1


Depreciation and disposal of non-current assets

Make sure you understand the principle that an annual allowance for the use of the asset is charged to the income statement, The accumulated allowance is netted off against the cost of an asset in arriving at the “carrying value” (i.e. balance sheet amount).

25 – 29

After studying this you should be able to:

  • define non-current assets and explain the purpose of depreciation

  • calculate the charge for depreciation using straight line and reducing balance methods account for

  • depreciation expense/accumulated depreciation

  • changes in estimated life and/or residual value

  • disposals

  • explain the purpose and function of an asset register.

^ Study System Session


Study Question

Date completed


Receivables and payables

Understand the principle that receivables must be carried at the expected recoverable amount. Note that whereas an allowance for depreciation is accumulated year-on-year (until the asset is disposed of), a trade receivables allowance, once made, is simply adjusted to reflect the change in circumstances, if any, of the receivable balances against which the allowance is made.

30 – 37

After studying this you should be able to:

  • identify the benefits and costs of offering credit facilities to customers

  • understand the purpose of an aged receivables analysis and the purpose of credit limits

  • prepare the bookkeeping entries to

  • write off a bad debt

  • create and adjust an allowance for receivables

  • record a bad debt recovered

  • account for contras between trade receivables and payables

  • prepare, reconcile and understand the purpose of supplier statements.

Test 2

^ Study System Session


Study Question

Date completed



Although this is a short session many students initially find the double-entries for inventory confusing. Inventory is unique, in that it is “its own double-entry”. That is closing inventory in the balance sheet (a Debit) is created by a credit against cost of sales. The entries that were made for opening inventory (in creating the prior year closing inventory balance) must be reversed.

38 – 40

After studying this you should be able to:

  • describe categories of inventory

  • calculate gross (“trading”) profit

  • record opening and closing inventory

  • recognise the need for adjustments for inventory in preparing financial statements.

12 - 16

The following sessions test your understanding of double-entry bookkeeping and ability to reconcile figures between two sets of data. These “control mechanisms” are highly examinable.


Books of prime entry and control accounts

You may never see “books” in today’s computerised systems. However, the principles of day books are the same even if produced as computerised “journals”.

42 – 50

After studying this you should be able to:

  • understand and illustrate the use of books of prime entry

  • account for petty cash using imprest and non-imprest methods

  • identify controls in a petty cash system

  • calculate and record sales tax

  • prepare ledger control accounts.

^ Study System Session


Study Question

Date completed


Control accounts reconciliations

You need to understand the purpose of these reconciliations and the reasons for differences. Even though some errors may be prevented in computerised systems (e.g. “single entry”, where the double-entry is automatic), computerised systems may be more prone to other errors (e.g. omission or duplicated entries).

51 – 57

After studying this you should be able to:

  • understand the purpose of control accounts and how they relate to the double-entry system

  • prepare ledger control accounts

  • perform basic control account reconciliations

  • identify errors highlighted by a control account reconciliation and correct errors in control accounts.

Test 4


Bank reconciliations

Whereas control account reconciliations are between records maintained by an entity, bank reconciliations are between the bank account records maintained by the entity and those maintained by an external third party – the bank.

58 – 65

After studying this you should be able to:

  • understand the purpose of a bank reconciliation and the main reasons for differences between the cash book

  • correct cash book errors and omissions

  • prepare bank reconciliation statements

  • derive bank statement and cash book balances.

Test 3

^ Study System Session


Study Question

Date completed


Journal entries

Although it is important to be able to write suitable journals and recognise what double entries need to be made do not get in into the habit or writing them out unnecessarily – double entries in T a/cs are generally much more efficient as workings.

69 & 72 (see also suspense accounts)

After studying this you should be able to:

  • understand and illustrate the uses of journals

  • identify correct journals

  • prepare journal entries to correct errors.


Suspense accounts

Definitely a favourite with examiners! This is where it all seems to be “back to front” so there is plenty of scope for confusion. There are just two things to remember. (1) Not all errors affect the balancing of the trial balance (see Session 6) so the correction of many errors should not involve an entry to a suspense account. (2) Any entry to a suspense account is always the opposite side of the correcting entry – so work out what the correcting entry is first.

66 – 68,
70 – 71 &
73 – 75

After studying this you should be able to:

  • identify errors leading to the creation of a suspense account

  • record entries in a suspense account

  • make journal entries to clear a suspense account

  • calculate and understand the impact of errors on the income statement and balance sheet.

Test 5

^ Study System Session


Study Question

Date completed


Accounting systems

^ You do not need an in depth knowledge of how a computer system works but you should be aware how computers can help accountants in performing their duties.

After studying this you should be able to:

  • understand the basic function and form of accounting records in typical manual and computerised accounting systems

  • compare manual and computerised accounting systems

  • identify advantages and disadvantages of computerised systems

  • understand business uses of computers

  • understand the uses of integrated accounting software packages

  • understand the nature and purpose of spreadsheets and database systems.


Sources of information


^ It is important that you have an understanding how data and information are related in an accounting system.

After studying this you should be able to:

  • identify the function of the main data sources in an accounting system

  • outline the contents and purpose of different types of business documentation.

^ Study System Session


Study Question

Date completed

Integrating your knowledge

Even if you are sitting ACCA’s wholly MCQ exams (rather than ATC Accredited exams) longer question practice is essential to integrating your knowledge of discrete topics so that you understand how they are related within the “bigger picture”. Remember that studying for F3 is not just to pass a two-hour assessment, but to provide you with the essential knowledge that underpins later studies – not only for financial reporting examinations, but auditing also.

76 – 83

December 07

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