1. avatar says

    hi, I hear Sports news at the background. Is it intentional to disrupt me from concentrating or you just want to demonstrate you can do two things at the same time?

    • Profile photo of John Moffat says

      There is definitely no sports news in the background!!
      Do you really think we would be so childish?

      I suggest that you check what other webpages you have open at the same time – the sports news must be coming from another website that you have open!

    • Profile photo of John Moffat says

      If I am a sole trader, then the business is me. Any money that the business gets is my own money. The only reason I would prepare accounts for the business is so that I can see whether the business is doing OK or not (because obviously I might myself be getting money from places other than from the business).

      So, just like you have no right to see what money I am getting myself, you have no right to see how much money is coming from my business. It is private to me.

      There may be times that I do show my accounts to other people. For example, if I wanted to borrow money from the bank, then I might show them my accounts so they could see how much money the business is making. But that is my choice.

      However, if it is a limited company, then although I might own the shares, the limited company is separate in law. If the company cannot pay what it owes, then it is not my problem. Therefore the law says that anyone has the right to see the accounts of a limited company.

      Suppose you were thinking of selling goods to my business on credit – so you will get paid later. If you know I am very rich, then you would not be worried selling to me as a sole trader because if you do not get paid you can take me to court and I am rich. But if you sold goods to a limited company, then you could not take me to court – even if I am rich – you could only take the limited company to court, and if the company had no money you have a big problem. So with a limited company you are able to look at their accounts and see whether or not you think they can afford to pay you before you sell goods to them.

    • Profile photo of Abror says

      How about this scenario…..I own business limited company…During my business years I receive goods from suppliers on credit and loans from banks and in the end I turn most of business assets into cash and I make them my own cash not business’s….As a result I can become rich and business goes bankrupt…..Is it possible….Have these kind of cases happened before…Thank you…

      • Profile photo of John Moffat says

        Both of these questions are dealt with in the later lectures – the lectures cannot cover everything all at once :-) The first chapters are about sole traders and later we bring in limited companies.

        However, what you write in your first question is not possible, because (as you will find out in the lecture on Limited Companies), companies are only allowed to pay out as dividend the profits that have been made.

        With regard to IFRS’s, it is like asking why do not all countries have exactly the same laws on everything :-) However, most countries are moving to IFRS’s (except the US – but there accounting standards are mostly very similar to IFRS’s and over time maybe they will be exactly the same).

  2. Profile photo of adebajot says

    its quite unfair for users in Nigeria not to be able to access video lectures. i really want to know what you all think we are, i am really disgruntled and dissatisfied. you may cancel my logon, if you wont allow us all acess to the video. we will find another website that will trust and appreciate us and not punish all for the sin of a few. finally pls cancel my acess totally or give us all access to the video……………….

    • Profile photo of John Moffat says

      Don’t be so ridiculous. Students in Nigeria are able to watch the lectures.

      We are not obliged to provide anything to anyone, but we certainly do not block access to students in any countries.

      We are providing this free of charge to help as many as we can. We cannot control whether individual students in individual countries are able to access or not.

      If you cannot access the lectures then the problem is most likely a problem with your computer and you should look for help on the support page – the link is below the lecture.

  3. avatar says

    good afternoon i recently sign up for open tuition and so far i am finding it very useful currently doing f1,f2,f3, hats off to all the persons behind this site #great_job :) 😉

      • avatar says

        Hello, Mr. John. unfortunately, at the end of the notes the answers are started only for Chapter 2. Moreover it says that to the Chapter 1 is “No Examples”.

        Could you please provide us with a correct answer. Thank you a lot in advance.

  4. avatar says

    Hi there, I would like to know where the test answers are, for the first test question and the rest?

    It says come back here to check your answer but I can’t see it.

    Many thanks

    • Profile photo of John Moffat says

      If you mean the tests at the end of each chapter, then the answers are at the back of the Course Notes.

      If you mean the mock exam, then as the page before the exam starts explains, there is a choice at the end of the exam to compare your answers with the correct answers.

  5. avatar says

    I passed my CBE F3 today and i would like to thank you Mr John for the lectures and notes!
    I did not even know what was debit and credit when i started to study this paper 😀

    I’ve now completed level 1 using only OT resources + Revision kits

  6. avatar says

    Hi there

    I need some help regarding how should I study. Should I first finish watching all the lectures and read all the course notes and then turn to the exam kit or should I do the exam kit by the end of each chapter.

    • Profile photo of John Moffat says

      It is up to you, but best probably is first to watch all the lectures (and try the tests at the end of each chapter).
      Then start practicing from the Exam Kit and refer back to the lectures and notes when you come across something you have forgotten.

      (and, of course, ask in the F3 Ask the ACCA Tutor Forum if you have have any problems with any of the questions. I will try my best to help.)

    • Profile photo of John Moffat says

      It is impossible to say how many days – it depends on how many hours a day you can study, and also as to how easy or hard you find the subject.

      If you are prepared to work hard then one month should be enough.

      Watch all our free lectures (along with our course notes), get hold of a Revision/Exam Kit from one of the approved publishers (so that you have lots of questions to practice), and do ask in the Ask the Tutor Forum if you need any help.

  7. avatar says

    hello MR JOHN first of all i would like thank you soo much for these notes and videos they are very helpfull and helped me pass my FAB exam. I would like ask u if i just listen to your lectures and practice from the updated ACCA revision kit will it be enough for me to pass for my FFA exam?

  8. avatar says

    Hi Sir, how to convert a mark up of 12.5% into margin? If the markup is 20%, then I say it’s 1/4, so margin must be 1/(4+1), so margin is 1/5. How you do it for 12.5%? Thanks

    • Profile photo of John Moffat says

      Well…….you got it wrong for 20% markup!!! The way you do it, then it would be 1/5, not 1/4. So the margin must be 1/(5+1) = 1/6.

      If it was 12.5% mark-up, then you could say it is 1/8 and then do it your way.

      Or you could say that if the cost was x then the markup would be X x 0.125X so the sales would be X(1.125). So the margin would be 0.125X/1.125X or 0.125/1.125

  9. avatar says

    I am studying financial reporting, where I am asked to revise the following topics:
    1) conceptual framework – clueless on what this is about
    2) consolidated statement of financial position
    3) statement of cash flows – direct and indirect methods
    4) presentation of financial statements
    5) intangible assets

    Is f3 the appropriate revision notes? Do you guys have lectures of conceptual frameworks? If so, could you please tell me where.

    Many thanks

  10. avatar says

    Hey Mr. John. I would like to ask you which study text are you using to give the lectures, BPP, GTG or Kaplan?
    And also please suggest which one is the best to refer to. I’m using the BPP currently.

    Thank you! :)

    • Profile photo of John Moffat says

      My lectures do not use a study text!
      They use the OpenTuition course notes.

      You do not really need a Study Text. What you do need is a Revision / Exam Kit in order to practice as many questions as possible. All of the kits from approved publishers are good.

  11. avatar says

    I have a query…I actually started my ACCA last year on january…i still need to sit for two papers ..i wanted to know if there is a need for me to pay subscription fees even though i will not continue with the ACCA course?That is do i have to pay the subscription fees just to sit for the exams of my remaining two papers?

  12. avatar says

    I wished to know if F3 syllabus gonna change next year?I had in fact taken my F3 course during the start of the year and I recently went for F3 exam and was unfortunately unsuccessful..I don’t think that I’m ready right now for the i wanted to sit for the exam next year..during the first weeks of January..That’s why i wanted to know if the syllabus is going to change?

  13. avatar says

    Hello John,
    thank you very much for this site and your lectures. I was able to pass F2 and F3 easily via CBEs within one month.

    Now I am thinking to go for F5 in June 2014 cycle.

    But I had another question: What happens in case I dont want to take any exam in 2014 for example. What will happen if I dont pay the yearly fee? I didnt think about this option but would be fine to know as I did not find it on Accaglobal website.

    Thanks again

    • Profile photo of John Moffat says

      That is not a concept!

      The concept is ‘the separate entity concept’, and that does apply to all businesses – we treat the business as separate from the owner.

      Limited companies are separate in law (separate LEGAL entities) but sole traders are not separate in law.

  14. avatar says

    heyyy mr.john moffat ….thanks you very very much i have just passed my F3 with unbelievable 70% marks..and to all the students who are looking at this comment i was’nt even able to do a journal entry 2 months ago.i prepared for my exam solely from opentuition and practice the questions.thats it thank you again are the best.

  15. avatar says

    hi :)
    i have passed F1 and F2 by CBE, Opentuition lectures hav helped me alot …thanku sooo muchh… im now preparing for F3……..please give me suggestions on F3 as im really scared about the exam!!!!!!
    and i have also passed my FIP……..but there isnt any change in my status in myacca account………will it be like this…or it would only change after i pass f3 also??? (to get my diploma)
    somebody pleeeeeeeeeeeeeeeeeeeeezzzzzz replyyyyyy
    god bless all :)

  16. avatar says

    Hi i started a mock exam but unfortunately went out of time and could not finish the paper, i wanted to take the paper anagin but i am getting mssage as “Time limit exceeded! We cannot accept your results.” How to acess paper again please help.

    Thank you.

    • Profile photo of John Moffat says

      You can certainly pass, although you should get hold of an exam/revision kit from one of the publishers and practice lots of questions.

      The videos are not downloadable – it is the only way that we can keep this site free of charge.

      • Profile photo of John Moffat says

        That is deliberate because they are lecture notes. They are to be used with the lectures and during the lectures we expand on the headings.
        The course notes are not meant to replace study texts.

      • Profile photo of John Moffat says

        For a sole trader, tax is not relevant (because the business itself does not pay tax – the owner pays it).

        For a limited company there is more than one way of defining net profit, however we normally mean net operating profit which is the profit before loan interest and before tax.

  17. avatar says

    Hi everybody, i have studied science subjects, so i don’t have any knowledge in accounting. Do you think that i should studies MA1, FA1, MA2, FA2 first then start with FAB, FMA and FFA? Or the lectures and notes here(for level 1) are enough to understand the basic concept as well?

  18. avatar says

    Dear Admin

    can you please give us the name of the teacher on the videos , he is excellent , we would like to follow his off line courses , is he in providing the course for one of the ACCA approved providers?


  19. Profile photo of opsy4ril says

    hello guys, please I would like to know if opentuitions coursenotes/videos/audios is enough study materials to pass f1/2/3 very well. please let me know other free study websites that are useful for this course.

  20. avatar says

    pls i’d like to know if we have to wait till the new videos/lectures for dec 2011 exams are uploaded before we can begin study for the exams or can we use wat is online now.will the difference be that much?

  21. avatar says

    Hi hope everyone is fine.. Plz can anyone tell me how much change there is from the june 2011 and dec 2011 syllabus?? and will new lectures be provided according to the new dec 2011 syllabus and when will they be uploaded?:) thank you very much and sorry for so much questions :)

  22. avatar says

    I just hate to hear bpp. I wonder why the authors keep feeding us with all these irrelevant stuff. The best ACCA book I have ever come across is Emile Woolfs. I salute the authors.

    • Profile photo of walihaider says

      no itz not but bbp is in more detail , itz like u study from here ull be on the sufrace of the water but if u study from bpp ull reach the bottom of the that water. BUT some thingz in BPP are quite irrelevant

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