OpenTuition | ACCA | CIMA
Free ACCA and CIMA on line courses | Free ACCA, CIMA, FIA Notes, Lectures, Tests and Forums
Spread the word
If you have benefited from our materials, please spread the word so more students can benefit.
To help us keep materials up to do and add new content you can also donate
June 2, 2020 at 10:14 am
I’m from the island Jamaica and i must admit for a newbie, these lessons are very straight forward and got me hooked even more to accounting.
John Moffat says
June 2, 2020 at 4:07 pm
Thank you for your comment 🙂
April 15, 2020 at 12:24 am
Rent Received & Interest received is it not part of the trading account?
May 1, 2020 at 11:45 am
Can you help for this question? Usefulness of indirect method for statement of cash flow for stakeholders?
May 1, 2020 at 6:39 pm
It helps them understand the relationship between the various financial statements.
February 6, 2020 at 10:49 am
Hi sir, so in terms of accounting the word “Purchases” means any good bought for resale.
In terms of accounting what would a purchase of non current asset be labeled ?
Thanks and kind regards.
February 6, 2020 at 11:11 am
Okay, please disregard the above.
I went through the next lecture and understood what you call the purchase of a non current asset.
A Capital expenditure.
February 1, 2020 at 11:50 am
When you are crediting and deducting from the right column, I don’t understand why you wouldn’t put the deduction as a minus. Such as;
Sales Rev – (110,000) 70,000 Gross Profit – 11,000 81,000 Expenses – (31,000) 50,000
Is this just an unspoken rule, that you would look at the header and automatically know, and/or is it up to the person who creates the FS P&L as you said it can vary depending on the company.
February 1, 2020 at 11:51 am
Apologies, summary should be:
Sales Rev – 180,000 Cost of Sales (110,000) 70,000
Gross Profit – 11,000 81,000
Expenses – (31,000) Net Profit – 50,000
February 1, 2020 at 4:18 pm
Firstly, the layout in this lecture is for a sole trader – not for a limited companies (limited companies are covered in a later chapter and the layout of their financial statements is a little different and is dictated by law).
Second, you cannot be asked to prepare a set of financial statements in the Paper FA exam, but you could be presented with statements (or extracts from them) for either a sole trader a limited company in the exam, and so you should know how they are likely to be shown in the exam.
February 8, 2020 at 7:33 pm
OK, I think this is understood. Thank you
January 2, 2020 at 7:47 pm
Brilliant explanation, very easy to understand. Thank you!
January 3, 2020 at 7:16 am
You must be logged in to post a comment.