Elements of the financial statements - ACCA Financial Reporting (FR)
13 Comments
R
Rameen·
I did't get the last line he explained. About purchases and ACCRUALS being expenses.Could it be explained by small example ?
S
Syari·
Thanks!
J
jacquelinen·
hello tutor,
can i use the same lectures for June 2023 exams?
M
Mercy·
Are this lectures and notes updates for the September 20 exams
S
Sabi·
Yes.
https://opentuition.com/topic/lectures-51/
E
Emmanuel·
how do download the videos.. please I need help on that
S
Sabi·
I know it's a bit late to reply now, but still. You cannot download from the website to my knowledge.
M
Muhammad Ahsan·
internet download manager
C
Che Chi·
in the definition of assets is it right to add that from which future economic benefits are expected to flow to the entity
i.e. an asset is a present economic resource that an entity controls as a result of a past event from which future economic benefits are expected to flow to the entity
B
Bennett·
chinelson72
Perhaps this is a better way to explain.
“An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.”
A
AnnaSupporter·
Hi
Could you please explain a bit more Equity? If this is a residual interest on assets and liabilities, how this works in a practice, thush assets minus liabilities equals zero.. thank you in advance
M
Matthew·
It’s purely what you own minus what you owe. If you’ve £100 in the bank but owe a friend £10, your equity is £90.
B
Bennett·
"Residual interest in assets less liabilities" It's not like you wrote "a residual interest on assets and liabilities"
Assets=Liabilities+Equity. Therefore Owner's Equity=Assets-Liabilities. The residual interests in the assets that remain after deducting liabilities.
can i use the same lectures for June 2023 exams?
https://opentuition.com/topic/lectures-51/
i.e. an asset is a present economic resource that an entity controls as a result of a past event from which future economic benefits are expected to flow to the entity
Perhaps this is a better way to explain.
“An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.”
Could you please explain a bit more Equity? If this is a residual interest on assets and liabilities, how this works in a practice, thush assets minus liabilities equals zero.. thank you in advance
Assets=Liabilities+Equity. Therefore Owner's Equity=Assets-Liabilities. The residual interests in the assets that remain after deducting liabilities.