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The Statement of Financial Position and Income Statement (part a)

VIVA

View ACCA F3 / FIA FFA lectures | Download F3 notes

Reader Interactions

Comments

  1. adnan says

    January 16, 2015 at 2:56 pm

    Are there notes for ‘The qualitative characteristics of financial information’
    Or video?

    Thanks.

    Log in to Reply
    • John Moffat says

      January 16, 2015 at 2:58 pm

      No – not at present.

      It is not such a major topic but for the time being you will have to use your Study Text for this.

      Log in to Reply
      • adnan says

        January 16, 2015 at 3:00 pm

        Oh ok thanks!
        馃檪

  2. punk 1 says

    January 16, 2015 at 10:46 am

    i can’t view the video

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    • John Moffat says

      January 16, 2015 at 12:30 pm

      The video is playing fine, so the problem must be at your end.

      Please look for help on the support page – the link is above.

      Log in to Reply
  3. anonymous says

    December 8, 2014 at 8:58 am

    Hi Sir

    could you pls. explain what is meant by the business owing the owner? it is the capital but what is it? is it the dividend?

    Log in to Reply
    • John Moffat says

      December 8, 2014 at 9:42 am

      We record for the business as if it is separate from the owner.
      So if I give money to the business so that it has cash in the bank and can afford to buy machines etc., then I have lent money to the business and the business owes that money to me.
      It is not the dividend (for a sole trader there are not dividends – there are drawings. The lecture does stress this.). If the owner gets money back from the business then there is less owing to the owner.

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      • anonymous says

        December 8, 2014 at 9:52 am

        ok I got it Sir. Thank you very much

  4. bomoe says

    November 17, 2014 at 12:43 pm

    Thanks for everything ! But i like to download those files .

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    • John Moffat says

      November 17, 2014 at 1:14 pm

      Sorry, but you cannot download them.
      It is the only way that we can keep this website free of charge.

      Log in to Reply
  5. vickash23 says

    October 24, 2014 at 11:44 am

    hello i want to know if i follow the course online will it be the same as in a class.

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    • John Moffat says

      October 24, 2014 at 12:10 pm

      Yes it will 馃檪

      Log in to Reply
  6. Rohit says

    September 13, 2014 at 1:55 pm

    Hi, I am studying for Diploma in IFRS, December 2014. A friend has suggested that I follow the lectures for F3, F7 and P2 to clear that exam. However, please advise, if that would be sufficient or do we have separate tutorials for the diploma exam?

    A reply would be much appreciated. Thanks!

    Log in to Reply
    • John Moffat says

      September 13, 2014 at 2:57 pm

      Your friend is correct (although you do not need all of the lectures – best is to have the DipIFRS syllabus in front of you). It is mostly F7 and P2 (F3 is only a few IFRS’s and is fairly basic) – F7 and P2 get more advanced,

      We do not have separate lectures for the Diploma, I’m afraid.

      Log in to Reply
      • Rohit says

        September 13, 2014 at 2:58 pm

        Thanks for the prompt reply. Much appreciated.!

      • MikeLittle says

        September 13, 2014 at 5:16 pm

        Let me add my take on this. I totally agree with John – but would go further and say that a thorough understanding of the F7 material should be sufficient.

        There’s not a lot in DipIFRS that goes beyond F7

  7. rajib says

    August 28, 2014 at 9:28 pm

    how can i download the lecture videos from open tution?

    Log in to Reply
    • opentuition_team says

      August 28, 2014 at 9:48 pm

      You can only watch lectures on line,

      Log in to Reply
  8. Yankuba says

    August 26, 2014 at 2:00 pm

    Thanks

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  9. Yankuba says

    August 26, 2014 at 1:09 pm

    Hello,
    Mr. John I want to ask upon completion of my FAB can I be exempted? If yes what is the charges if any?

    Log in to Reply
    • John Moffat says

      August 26, 2014 at 1:34 pm

      What is FAB?

      Log in to Reply
      • Yankuba says

        August 26, 2014 at 1:44 pm

        Foundation in accountant in business

      • John Moffat says

        August 26, 2014 at 1:48 pm

        Sorry – that was stupid of me!!

        FAB is the same exam as Paper F1 of the ACCA Qualification.

        However, for exemptions and prices, you need to look at the ACCA website:
        http://www.accaglobal.com

  10. Yankuba says

    August 26, 2014 at 12:51 pm

    Thanks Mr. John I personally follow your lecture videos, and so far I did my F2 and F3 but I successfully passed all of them. I want to seize this opportunity once again to thank you, keep up the good work.

    Log in to Reply
    • John Moffat says

      August 26, 2014 at 12:53 pm

      Thank you very much 馃檪

      Log in to Reply
  11. bentzion says

    August 25, 2014 at 3:55 pm

    Hi. In part f) why is cost of sales recorded as 1500? That was the QUANTITY of goods that was sold, so why is it reflected as the “cost” of goods sold?

    Thanks

    Log in to Reply
    • John Moffat says

      August 25, 2014 at 4:30 pm

      In part (c) they bought goods for $1,000.
      In part (d) they bought more goods for $2,000.

      So the total cost of the goods they have is now $3,000.

      In (f) they sell half of them and so we have absolutely no choice but to assume that if all of them cost $3,000, then half of them must have cost $1,500.

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  12. tariqkath says

    August 24, 2014 at 8:00 pm

    Nicely explained 馃檪

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  13. XXY says

    August 1, 2014 at 6:34 pm

    Please explain me ”Substance over form” what does it mean

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    • John Moffat says

      August 2, 2014 at 7:29 am

      It means that in the financial statements we should show the true economic effect of a transaction (the substance) even if it is different from the legal position (the form).

      This is covered in the later chapter and lecture on accounting conventions.

      Log in to Reply
  14. Rita says

    May 1, 2014 at 4:58 pm

    I have just started listening to your lectures, so far the concept is very good!
    Thank you! 馃檪

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  15. Muntazir says

    May 1, 2014 at 12:08 pm

    how can i download these lectures ?

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    • John Moffat says

      May 1, 2014 at 12:31 pm

      The lectures can only be watched online – it is the only way that we can keep this website free of charge.

      Log in to Reply
  16. Bhagat says

    April 27, 2014 at 8:51 am

    Greetings Kind Sir.
    I just wanted to say THANK YOU SOOOOOOO MUCH. I find your videos very intuitive. With your effective teaching methodology, I was able to solve a question regarding the equation of financial position (Assets= Capital + Liabilities) in a revision kit of mine (BPP Publications) . I honestly can’t thank you enough, you truly deserve a round of applause, a standing ovation even. Hats off to you sir! Why I must say I’d give you a hug right now if I could. Oh, and the lecture notes indeed are a bonus! I’m currently doing CAT and once I came across this heavenly website, I was simply too bewildered to think that such a marvel even exists! The lectures on Cost Accounting too have made my life pretty easy. My lecturer isn’t particularly helpful for Management Accounting, and the videos posted under the F2 Lectures were more than helpful for me to be self-reliant in revising, all thanks to you good sir. Keep up this spirit, may you be blessed for all your merits!! 馃榾

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    • John Moffat says

      April 27, 2014 at 4:45 pm

      Thank you 馃檪

      Log in to Reply
  17. 1234 says

    March 31, 2014 at 10:41 pm

    hi,
    In the 2nd chapter of F3,regarding the example , i did the trail balance for that.But in trail balance in debit side i get 16400 and in credit side i get 16800.Please let me know what is the mistake i would have done.
    but the income statment, i did right.I got gross profit 2200 and net profit as 2000 as you did in the lecture.
    Help me out please.
    Tks

    Log in to Reply
    • John Moffat says

      April 1, 2014 at 5:51 am

      I don’t know what you did wrong! Try checking with the answer – the answers are at the back of the Course Notes.

      Log in to Reply
      • 1234 says

        April 1, 2014 at 5:07 pm

        Hi,
        Iam not able to find answer.Iam giving my trail balance below.
        Trail balance
        DEBIT CREDIT
        Cash 5800 10000 capital
        shop 2000 1400 payable
        purch. 3000 5200 sales
        car 3000 200 electricity
        receiva 1400
        ble

        TOTAL 16400 16800 TOTAL

      • 1234 says

        April 1, 2014 at 6:09 pm

        Thank you.

      • John Moffat says

        April 1, 2014 at 8:43 pm

        But in the second chapter there are no debits and credits, and no trial balance!!

        Watch the next lecture to see how we do the debits and credit and how we prepare the trial balance (it is trial balance, not trail balance 馃檪 )

        (I don’t know why you bothered with debits and credits and a trial balance, but anyway the electricity is a debit not a credit. Then it will balance 馃檪 )

  18. Yankuba says

    March 24, 2014 at 6:30 pm

    I want to access the video but it can’t go please help me.

    Log in to Reply
    • John Moffat says

      March 24, 2014 at 8:15 pm

      If you are trying to download, this is not possible.

      If you have problems watching online then go to the technical support page – the link is above.

      Log in to Reply
  19. Priya says

    February 24, 2014 at 10:22 am

    Sorry, this was indeed a stupid question.

    I got the answer.

    Thanks.

    Log in to Reply
    • joty2009 says

      February 24, 2014 at 1:06 pm

      i know what u meant.lol

      Log in to Reply
  20. Priya says

    February 24, 2014 at 9:58 am

    Hello all,

    Can you please advise where can I get the Opentuition lecture notes so as it becomes easier for me to follow the videos.

    Thank you.

    Regards,
    Priya

    Log in to Reply
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