特许公认会计师ACCA F3财务会计考试讲义.docx
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特许公认会计师ACCA F3财务会计考试讲义.docx
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特许公认会计师ACCAF3财务会计考试讲义
Session1
☆Typesofbusinessentity
Abusinesscanbeorganizedinoneoftheseveralways:
●Soletrader–abusinessownedandoperatedbyoneperson.
Thesimpleformofbusinessisthesoletrader.Thisisownedandmanagedbyoneperson,althoughtheremightbeanynumberofemployees.Asoletraderisfullypersonallyliableforanylossesthatthebusinessmightmake.
●Partnership–abusinessownedandoperatedbytwoormorepeople.
Apartnershipisabusinessownedjointlybyanumberofpartners.Thepartnersarejointlyandseverelyliableforanylossesthatthebusinessmightmake.
(Traditionallythebigaccountingfirmshavebeenpartnerships,althoughsomeareconvertingtheirstatustolimitedliabilitycompanies.)
●LimitedLiabilityCompany–abusinessownedbymanypeopleandoperatedbymany(thoughnotnecessarilythesame)people.Companiesareownedbyshareholders.Shareholdersarealsoknownasmembers.Asagroup,theyelectthedirectorswhorunthebusiness.Companiesarealwayslimitedcompanies.
Insummary,typesofbusinessentityshouldbedifferentiatedinOwnership;OperationrightandLiabilityforthebusinesstoundertake.
Forallthreetypesofentity,themoneyputupbytheindividual,thepartnersortheshareholders,isreferredtoasthebusinesscapital.Inthecaseofacompany,thiscapitalisdividedintoshares.
☆BusinessTransactions:
Maintypesofbusinesstransactionsforabusinessinclude:
●Purchaseofinventoryforresale
●Salesofgoods
●Purchaseofnon-currentassets
●Paymentofexpenses
●Introductionofnewcapitaltothebusiness
●Withdrawaloffundsfromthebusinessbytheowner
☆Cashandcredittransactions:
Cashtransactions:
thebuyerpaysfortheitemimmediatelyorpossiblyinadvance.
Credittransactions:
thebuyerdoesnothavetopayfortheitemonreceipt,butisallowedsometime(acreditperiod)beforehavingtomakethepayment.
☆Definitionofaccounting
Recording:
transactionsmustberecordedastheyoccurinordertoprovideup-to-dateinformationformanagement.
Summarizing:
thetransactionsforaperiodaresummarizedinordertoprovideinformationaboutthecompanytointerestedparties.
☆Typesofaccounting
Financialaccountingvsmanagementaccounting
Financialaccounting
Costandmanagement
accounting
Purpose
Recordfinancial
transactions
Informationofcost
ofoperations
Legalrequirement
Limitedliabilitycompany,
bylaw,preparefinancial
accounts
Nolegalrequirement
topreparemanagement
accounts
Mainuser
External
Internal
Time
Attheendofperiod
regularly
Information
historic
historicandforecast
☆Usersoffinancialstatements
Accountingreportsusersinclude:
●Management:
Needinformationaboutthecompany’sfinancialsituationasitiscurrentlyanditisexpectedtobeinthefuture.Thisistoenablethemtomanage
thebusinessefficientlyandtomakeeffectivedecisions.
●Investors:
Theprovidersofrisk,capitalandtheiradvisersareconcernedwiththeriskinherentin,andreturnprovidedby,theirinvestments.Theyneedinformationtohelpthemdeterminewhethertheyshouldbuy,holdorsell.
●Tradepayables/Suppliers:
Suppliersandothertradepayables.Suppliersandothertradepayablesareinterestedininformationthatenablesthemtodeterminewhetheramountsowingtothemwillbepaidwhendue.Tradepayablesarelikelytobeinterestedinanenterpriseoverashorterperiodthanlendersunlesstheyaredependentuponthecontinuanceofanenterpriseasamajorcustomer.
●Shareholders:
Shareholdersarealsointerestedinmarketvalueofsharesaswellasinformationwhichenablesthemtoassesstheabilityoftheenterprisetopaydividends.
●Lenders:
Lendersareinterestedininformationthatenablesthemtodeterminewhethertheirloans,andtheinterestattachingtothem,willbepaidwhendue.
●Customers:
Customershaveaninterestininformationaboutthecontinuanceofanenterprise,especiallywhentheyhavealongterminvolvementwithoraredependenton,theenterprise.
●Governmentandtheiragencies:
Governmentsaretheiragenciesareinterestedintheallocationofresourcesand,therefore,theactivitiesofenterprises.Theyalsorequireinformationinordertoregulatetheactivitiesofenterprises,determinetaxationpoliciesandasthebasisfornationalincomeandsimilarstatistics.
●Employees:
Employeesandtheirrepresentativegroupsareinterestedininformationaboutthestabilityandprofitabilityoftheiremployers.Theyarealsointerestedininformationwhichenablesthemtoassesstheabilityoftheenterprisetoproveremuneration,retirementbenefitsandemploymentopportunities.
●Generalpublic:
Enterprisesaffectmembersofthepublicinanvarietyofways.Forexample,enterprisesmaymakeasubstantialcontributiontothelocaleconomyinmanywaysincludingthenumberofpeopletheyemployandtheirpatronageoflocalsuppliers.Financialstatementsmayassistthepublicbyprovidinginformationaboutthetrendsandrecentdevelopmentsintheprosperityoftheenterpriseandtherangeofitsactivities.
☆Thebusinessentityconcept
Thebusinessentityconcept
●Statesthatfinancialaccountinginformationrelatesonlytotheactivitiesofthebusinessentityandnottotheactivitiesofitsowner.
●Thebusinessentityistreatedasseparatefromitsowners.
Session8Irrecoverabledebtsandallowances
Maincontents:
1.Irrecoverabledebts
2.Allowanceforreceivables
3.Accountingforirrecoverabledebtsandreceivableallowances
8.1Irrecoverabledebts
●Tradereceivables:
Atradereceivableisacustomerwhoowesmoneytothebusinessasaresultofbuyinggoodsorserviceoncredit.
●Accrualsconcept:
Theaccrualsconceptrequiresasaletobeincludedintheledgeraccountsatthetimethatitismade.Creditsalesareclaimedwhenthesaleisinvoiced.Thedoubleentryattheinvoicedatewillbe:
Dr. Cr.
Receivables xx
Sales xx
Whenthecustomereventuallysettlestheinvoicethedoubleentrywillbe:
Dr. Cr.
Cash xx
Receivables xx
Problems:
collectingtheamountsowingfromcustomers
Reasons:
bankruptcy,fraudordisputes
●Prudenceconcept:
Theprudenceconceptrequiressomeadjustmenttoreflecttheactualorpotentiallossarisingfromunpaiddebts.
●Irrecoverabledebt:
Adebtwhichisconsideredtobeuncollectible.
-Highlyunlikelythattheamountowedwillbereceived.
-Writtenoffbywritingitoutoftheledgeraccountscompletely.
●Accountingforirrecoverabledebts
-ItisprudenttoremovetheirrecoverabledebtsfromtheaccountsandtochargetheamountasanexpenseforirrecoverabledebtstotheI.S.
-Theoriginalsalesremainsintheaccountsasthisdidactuallytakeplace.
Dr.Irrecoverabledebtsexpense xx
Cr.Receivablescontrolaccount xx
Example:
ArcticCo.havetotalaccountsreceivableattheendoftheiraccountingperiodof$45,000.Oftheseitisdiscoveredthatone,Mr.Xwhowoes$790,hasbeendeclaredbankruptcy,andanotherwhogavehisnameasMr.JoneshastotallydisappearedowingArcticCo.$1,240.
Writeuptheledgeraccountstoreflectthewritingoffthesedebtsasirrecoverable.
Solution:
Dr.Irrecoverabledebtsexpense 2,030
Cr.Receivablescontrolaccount 2,030
●Accountingforirrecoverabledebtsrecovered
Irrecoverabledebtsarereceived
Whenanirrecoverabledebtisrecovered,theaccountingentryis:
Dr.Cash xx
Cr.Irrecoverabledebtexpense xx
Example:
At1October20x6abusinesshadtotaloutstandingdebtsof$8,600.Duringtheyearto30September20x7:
Creditsalesamountedto$44,000;Paymentsfromvariousdebtorsamountedto$49,000;Twodebts,for$180and$420(bothincludingsalestax)weredeclaredirrecoverable.Afterthedebtswaswrittenoff,thepaymentisreceivedbeforetheendoftheperiod,nowwhatjournalentrytopreparefortherecoveryofpayment?
Dr.Cash 600
Cr.Irrecoverabledebtexpense 600
8.2Anallowanceforreceivables:
●Allowanceforreceivablesisanestimateofthepercentageofdebtswhicharenotexpectedtobepaid.
(a)Whenanallowanceisfirstmade,theamountofthisinitialallowanceischargedasanexpenseintheincomestatement,fortheperiodinwhichtheallowanceiscreated.
(b)Whenanallowancealreadyexists,butissubsequentlyincreasedinsize,theamountoftheincreaseinallowanceischargedasanexpenseintheincomestatement,fortheperiodinwhichtheincreasedallowanceismade.
(c)Whenanallowancealreadyexists,butissubsequentlyreducedinsize,theamountofthedecreaseinallowanceiscreditedbacktotheincomestatement,fortheperiodinwhichtheincreasedallowanceismade.
Thevalueoftradereceivableinthestatementoffinancialpositionmustbeshownafterdeductingtheallowanceforreceivables.
Example:
Abusinesshastradereceivablesoutstandingat30June20x5anddecidedtocreate5%allowancesforreceivables.
(a)Intheincomestatement,thenewlycreatedallowanceof$2,500(5%x50,000=2,500)willbeshownasanexpense.
(b)Inthestatementoffinancialposition,tradeaccountsreceivableswillbeshownas:
$
Totalreceivables50,000
Less:
allowanceforreceivables(2,500)
47,500
8.3Accountingforirrecoverabledebtsandreceivableallowances
●Irrecoverabledebtswrittenoff
-Whentheirrecoverabledebtsarewrittenoff,thedoubleentrymightbe:
Dr.Irrecoverabledebts
Cr.Receivablecontrolaccount
-Whenanirrecoverabledebtissubsequently
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