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ACCA F3 Accounting Conventions and Policies
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Dear sir,
i am a fan of your lectures, i am actually a biology teacher and find all your lectures extremely helpful. I am towards the end of F3. I am currently trying to u understand the two column cash book from the incomplete records. Would you mind guiding which lectures are relevant for the more difficult and longer questions of incomplete records towards the end of the chapter?
Hi Sir, what is the different between matching concept /accruals concpet and duality concept? Can U explain thank you…
The accruals concept is that revenue should be recorded when earned, not when the cash is received, and expenses should be recorded when incurred and not when the cash is paid.
The duality concept is that every transaction has two effects – i.e. double entry
Thank you…
You are welcome 馃檪
Hi! Your lectures helped me a lot! But where can I find video about Capital structure – share premium and so on?
Under company accounts.
The lectures are meant to be watched in order – they are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
Can somebody. Please tell me the topics they did in their exam ..what was the questions like?
If you want to ask things like this, then ask in the relevant forum – not as a comment on a lecture.
Every exam is different. You should buy a Revision Kit from one of the ACCA approved publishers. Also, the ACCA has specimen exams on their website.
Hi. Where can I find lectures for contingency of assets and liabilities.
In future please ask this sort of question in the F3 Ask the Tutor Forum and not as a comment on a lecture about something else 馃檪
The list of free lectures is on this page:
https://opentuition.com/acca/f3/acca-f3-lectures/
Contingent assets and liabilities are covered in chapter 5 of the free lecture notes and the free lectures that go with them
(Our lectures are a complete course for Paper F3 and cover everything you need to be able to pass the exam well).
Hi John, How does revenue deal with companies understating profit by companies using high depreciation rates to avoid some corporate tax.
This is not relevant for Paper F3.
However I do explain what happens in the lecture on depreciation (and I cannot type out the whole lecture here!).
passed f3 today with 72%… paper was too tough…
Congratulations – 72% is a good mark for an ACCA exam 馃檪
In the course notes, in the first paragraph, there’s a mention of STUDY TEXT.. May I know which study text are you referring at please???
Thank you
Any Study Text from one of the approved publishers will contain a chapter on accounting conventions. If you are unable to access a study text then you will find more using Google.
Also see my answer to Jim below.
Any thing on money measurement concept?
Not in our notes. Appreciate that the Course Notes are not intended to replace Study Texts but they do contain enough (along with the lectures) to be able to pass the exam reasonably easily.
The concepts and conventions that we have listed are the more important ones for the exam.
Ok. Thanks
under the substance over form concept, it says assets hired and used in the business should be shown in the balance sheet. My questions are
1. if this is shown, does it make the accounts true & fair since it may be perceive to be for the business by users
2. then if it should even appear in the balance sheet why not at the liabilities side since it is an obligation to the business so far as the asset is in the premises
3. Will the asset be shown at hired value or cost or net book value?
4. Will it be depreciated in the business books or the owners books
5. when it is sent back to the owner how will it be remove from the business books?
Thanks ear
Substance over form says that the financial statements should show the financial reality of something rather than the legal position.
In certain circumstances leased assets may be an example of this.
Accounting for this is not relevant for Paper F3 (not until Paper F7), however basically what happens is that it will appear as an asset (because it is used by the business just as if they owned it) and depreciated as normal.
At the same time there is a liability on the balance sheet – the logic being that leasing and making the lease payments is effectively the same as having borrowed money to buy the asset and then having to make repayments on the money.
Again, it does not apply just to any leased asset – it depends on the circumstances – and all that is required for Paper F3 is knowledge of the first sentence of this answer.
Thanks very much johnmoffat for the reply and explanation
doing a consolidated financial statement that is also an eg of substance over form
im failing to play the vedios pliz help
he is teaching a girls classssssss ./,./,./,./,/,/,.
I love the lecturer! funny!
Can anyone tell me where to find the contingent asset and liability video lecture ?? plzz im not getting that
@rezwan7, There is no lecture at the moment – only the chapter in the course notes.
I will upload a lecture in the next few weeks.
where can i find the lecture on contingent liabilities and assets by John Moffat?
Good lecture!
My listen skill isn’t so good so it is too difficult for me to understand without presentation.
Not seeing anything on partnership
@nattyslim1, partnerships are no longer in the syllabus.
it is playing
its not playing