特许公认会计师ACCA F3财务会计考试讲义.docx

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