By Emile Woolf International
Read or Download ACCA F3 (INT) Financial Accounting Study Text PDF
Similar accounting books
The failure of present mechanisms to both are expecting the cave in of varied businesses or diminish corrupt practises has stored the topic of exterior reporting to the fore. Is reasonable price reasonable? monetary Reporting in a world viewpoint includes contributions from many highly-respected members keen on exterior reporting, law and conventional surroundings.
Even after a life of paying taxes, you continue to usually are not domestic free-the IRS may perhaps take part or extra of no matter what you've got left in the event you die. Disinherit the IRS finds the straightforward, felony how one can stay away from those taxes, in all likelihood for generations, whereas permitting you to guard your kids, grandchildren, and destiny heirs from predators and claims from complaints and divorce.
This available rookies consultant to audit and coverage starts off with the basics and expands to hide the main points in a extra measured means. utilizing functional examples, it breaks down the customarily tricky and difficult box accounting. summary: An available newbie s consultant to the basics of audit and insurance Audit and insurance is a uncomplicated and important point of the monetary global and a key part of all specialist accountancy courses.
- Financial Accounting and Reporting (17th Edition)
- Financial Accounting: An International Introduction (3rd Edition)
- Financial Accounting (7th Edition)
- Accounting and Finance for Your Small Business
Extra resources for ACCA F3 (INT) Financial Accounting Study Text
Books of prime entry, ledgers and accounts in ledgers will be explained later. 1 A simple representation of the statement of financial position The accounting equation is a simplified way of showing a statement of financial position. The equation is: Assets A = = Equity E + + Liabilities L Each new financial transaction affects the numbers in the accounting equation, but the accounting equation must always apply. Total assets must always be equal to the combined total of equity plus liabilities.
For example, if a machine is sold for $15,000 when its value in the statement of financial position is $10,000, there is a gain on disposal of $5,000. The term ‘revenue’ means income earned in the course of normal business operations. In an income statement, revenue and ‘other income’ are reported as separate items. 8 expenses arising in the ordinary course of activities, including the cost of sales, wages and salaries, the cost of the depletion of non-current assets, interest payable on loans and so on losses arising from disasters such as fire and flood, and also losses from disposing of non-current assets for less than their carrying value in the statement of financial position.
Com for Q/As, Notes & Study Guides © EWP Chapter 1: The context and purpose of financial reporting net profit, which is gross profit plus other income and minus other expenses. The income statement of a company is slightly different – for example, it includes the tax charge on the company’s profits. Example: income statement Entity ABC Income statement for the year ended [date] Revenue Cost of sales Gross profit Other income: Gain on disposal of non‐current asset Expenses Employees’ salaries Depreciation Rental costs Telephone charges Advertising costs Selling costs General expenses Interest charges Bad debts Net profit $ 120,000 10,000 30,000 15,000 30,000 40,000 20,000 3,000 2,000 $ 800,000 500,000 300,000 10,000 310,000 270,000 40,000 Gross profit and net profit It is usual to show both the gross profit and the net profit in an income statement.