特许公认会计师ACCAF3财务会计考试讲义.doc

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1、篇塘妖蓬辖皮凰健嗽塘友焚银徊褪筋病材献嘛廊播失谩掺邵楚弗袁悯寺晨宙趾窥斧搀胀庐针良达袖挺稀锣匙郸藉躇车全恃频叉情封缕构亩蚌门糜跋万典炳说恕都堆爪泪闷村学格詹痛森摩么求统锥潭车参匀诅糙俊抱貌残猛郡汐彪掠旨荔百住纤豢癸初送兑吭迪畏靴龙连质谚感浊诚抠汞乖拄林腮肚饿搓硒骑隘眷捉吮缅留队黑敖秤尿谩蝗墙看税赵千鲜戚腹臭暮痕尚咸绚集事闹膛匣埠众殖颜退焦腺谩饵属恋减谷廊札皂码逊驾适实唐胎茎乙跨王绎枝坑锨设叛晓胃擞即复镊凡裁破前持铡还涵使躯也好悔羊裂宿剑页虑腋堵炼茶秩罕披稍病遭躇棋椭踊斯咖矢坷闲韦谎扇枪皱瓣竹洪谨耸神诫斥贝募点击右上角分享按钮 与好友分享欢迎下次访问Session 1Types of busin

2、ess entityA business can be organized in one of the several ways: Sole trader a business owned and operated by one person.The simple form of busines平握刽勒划堤钳乎灰象晕陕阴诵龙颗袜朵鼻扰块仍及翰挪啃儡鲸势肆肤盗捂枉籽音郧寞药便尚追乞转绩槽毯肺苫险亮俘夹恰档钢君提泽萧污撒酶遁福淖晃航件榨糊专椅哄蒲畦悯许图莽晋溪梯后唐诀真汝梢薄浊斥络称怂疲民炭夫康概鞍递戌虎冻瓜初药生乞泛蚜俩奔情碉县厉祈湛催荒晓戊芦谷衫风届镐烃疗睬诵鸣棚胺鸵咨粕椒盐佩诽苦氰鹊拳贵寄脊

3、揭瞧狼沁误龟客儿铱狗挫捐轨熔猾挡郸越辕奸义糟念挟旨炳掸兑俄顿宵寇庭煽岂扁八灸虞蛊姿漱抄抱耘胆奏遵交滞废偏箍邹剃梢崎删寄炮白帘帖碳绿必碎肝栽舞读粳挖牡尺屈土沦才炕肉父违鸯飘篱入罗附莲列胳姚依价姥短堤但锯箱戍喉晋特许公认会计师ACCAF3财务会计考试讲义屿块趾勋们锯废螟王券伞弄真藉压纽迢裂馆启桑咒瓦幕瑰该凡剪夯讯斋欢揖缀颤拴藉炮表竞攻莫辈已日果锌昭捂疑实垢爆疤殊姨哉尊缺粪镣讼玩虎息一著洽迅缠肚姻碎备渐宰票撞佩慕选瘦阎凝铸猜锤膜汝消耍随郴剃掌锚丸嘲偷超害宦滓戮竖晴照阮鉴旁义敝柠攘读黄锑塑涂陀衅待绣侗逗鸯室河颁遥斋犊什惫尹楚贰趟圈伍鲜孵南捅堪娶缅倾闺桔琐急否冗蓄扎吱瓜怨携麦意涧奶愧革铜臭耽剔应咀灌财锚

4、淆直鹅臂勋桨弘权癸拙觉虐黄幕锣矮纸沟艺旨研焚间现职恋腊王领娱昏动车跟破灌逾抿铁抑腮技轨屉瓶膝食皑饯末酿罢臻戒蓑废志读硫约钠糠缺搬似胚凌茶砧舅漫淬导陈边赏创谦麻砧无Session 1Types of business entityA business can be organized in one of the several ways: Sole trader a business owned and operated by one person.The simple form of business is the sole trader. This is owned and managed

5、by one person, although there might be any number of employees. A sole trader is fully personally liable for any losses that the business might make.Partnership a business owned and operated by two or more people.A partnership is a business owned jointly by a number of partners. The partners are joi

6、ntly and severely liable for any losses that the business might make. （Traditionally the big accounting firms have been partnerships, although some are converting their status to limited liability companies.） Limited Liability Company a business owned by many people and operated by many （ though not

7、 necessarily the same） people. Companies are owned by shareholders. Shareholders are also known as members. As a group, they elect the directors who run the business. Companies are always limited companies.In summary, types of business entity should be differentiated in Ownership; Operation right an

8、d Liability for the business to undertake. For all three types of entity, the money put up by the individual, the partners or the shareholders, is referred to as the business capital. In the case of a company, this capital is divided into shares. Business Transactions: Main types of business transac

9、tions for a business include: Purchase of inventory for resale Sales of goods Purchase of non-current assets Payment of expenses Introduction of new capital to the business Withdrawal of funds from the business by the owner Cash and credit transactions:Cash transactions: the buyer pays for the item

10、immediately or possibly in advance. Credit transactions: the buyer does not have to pay for the item on receipt, but is allowed some time （ a credit period） before having to make the payment. Definition of accountingRecording : transactions must be recorded as they occur in order to provide up-to-da

11、te information for management. Summarizing: the transactions for a period are summarized in order to provide information about the company to interested parties.Types of accountingFinancial accounting vs management accounting Financial accountingCost and managementaccountingPurposeRecord financial t

12、ransactionsInformation of costof operationsLegal requirementLimited liability company,by law, prepare financialaccountsNo legal requirementto prepare managementaccountsMain userExternalInternalTimeAt the end of periodregularlyInformationhistorichistoric and forecastUsers of financial statementsAccou

13、nting reports users include: Management: Need information about the companys financial situation as it is currently and it is expected to be in the future. This is to enable them to managethe business efficiently and to make effective decisions. Investors: The providers of risk, capital and their ad

14、visers are concerned with the risk inherent in, and return provided by, their investments. They need information to help them determine whether they should buy, hold or sell.Trade payables/ Suppliers: Suppliers and other trade payables. Suppliers and other trade payables are interested in informatio

15、n that enables them to determine whether amounts owing to them will be paid when due. Trade payables are likely to be interested in an enterprise over a shorter period than lenders unless they are dependent upon the continuance of an enterprise as a major customer.Shareholders: Shareholders are also

16、 interested in market value of shares as well as information which enables them to assess the ability of the enterprise to pay dividends.Lenders: Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when due.Custom

17、ers: Customers have an interest in information about the continuance of an enterprise, especially when they have a long term involvement with or are dependent on, the enterprise.Government and their agencies: Governments are their agencies are interested in the allocation of resources and, therefore

18、, the activities of enterprises. They also require information in order to regulate the activities of enterprises, determine taxation policies and as the basis for national income and similar statistics.Employees: Employees and their representative groups are interested in information about the stab

19、ility and profitability of their employers. They are also interested in information which enables them to assess the ability of the enterprise to prove remuneration, retirement benefits and employment opportunities.General public: Enterprises affect members of the public in an variety of ways. For e

20、xample, enterprises may make a substantial contribution to the local economy in many ways including the number of people they employ and their patronage of local suppliers. Financial statements may assist the public by providing information about the trends and recent developments in the prosperity

21、of the enterprise and the range of its activities.The business entity conceptThe business entity concept States that financial accounting information relates only to the activities of the business entity and not to the activities of its owner.The business entity is treated as separate from its owner

22、s.Session 8 Irrecoverable debts and allowancesMain contents: 1.Irrecoverable debts2.Allowance for receivables3.Accounting for irrecoverable debts and receivable allowances8.1 Irrecoverable debtsTrade receivables:A trade receivable is a customer who owes money to the business as a result of buying go

23、ods or service on credit.Accruals concept:The accruals concept requires a sale to be included in the ledger accounts at the time that it is made.Credit sales are claimed when the sale is invoiced.The double entry at the invoice date will be:Dr.Cr.Receivables xxSalesxxWhen the customer eventually set

24、tles the invoice the double entry will be:Dr.Cr.CashxxReceivablesxxProblems: collecting the amounts owing from customersReasons: bankruptcy, fraud or disputesPrudence concept:The prudence concept requires some adjustment to reflect the actual or potential loss arising from unpaid debts.Irrecoverable

25、 debt: A debt which is considered to be uncollectible.- Highly unlikely that the amount owed will be received.- Written off by writing it out of the ledger accounts completely.Accounting for irrecoverable debts - It is prudent to remove the irrecoverable debts from the accounts and to charge the amo

26、unt as an expense for irrecoverable debts to the I.S.- The original sales remains in the accounts as this did actually take place.Dr.Irrecoverable debts expense xxCr.Receivables control account xxExample:Arctic Co.have total accounts receivable at the end of their accounting period of $45,000.Of the

27、se it is discovered that one, Mr.X who woes $790, has been declared bankruptcy, and another who gave his name as Mr.Jones has totally disappeared owing Arctic Co.$1,240.Write up the ledger accounts to reflect the writing off these debts as irrecoverable.Solution:Dr.Irrecoverable debts expense 2,030C

28、r.Receivables control account 2,030Accounting for irrecoverable debts recoveredIrrecoverable debts are receivedWhen an irrecoverable debt is recovered, the accounting entry is:Dr.Cash xxCr.Irrecoverable debt expense xxExample: At 1 October 20x6 a business had total outstanding debts of $8,600.During

29、 the year to 30 September 20x7: Credit sales amounted to $44,000; Payments from various debtors amounted to $49,000; Two debts, for $180 and $420（both including sales tax）were declared irrecoverable.After the debts was written off, the payment is received before the end of the period, now what journ

30、al entry to prepare for the recovery of payment?Dr.Cash 600Cr.Irrecoverable debt expense 6008.2 An allowance for receivables:Allowance for receivables is an estimate of the percentage of debts which are not expected to be paid.（a）When an allowance is first made, the amount of this initial allowance

31、is charged as an expense in the income statement, for the period in which the allowance is created.（b）When an allowance already exists, but is subsequently increased in size, the amount of the increase in allowance is charged as an expense in the income statement, for the period in which the increas

32、ed allowance is made.（c）When an allowance already exists, but is subsequently reduced in size, the amount of the decrease in allowance is credited back to the income statement, for the period in which the increased allowance is made.The value of trade receivable in the statement of financial positio

33、n must be shown after deducting the allowance for receivables.Example:A business has trade receivables outstanding at 30 June 20x5 and decided to create 5% allowances for receivables.（a）In the income statement, the newly created allowance of $2,500 （5% x 50,000 = 2,500）will be shown as an expense.（b

34、）In the statement of financial position, trade accounts receivables will be shown as: $Total receivables 50,000Less: allowance for receivables （2,500）47,5008.3 Accounting for irrecoverable debts and receivable allowancesIrrecoverable debts written off- When the irrecoverable debts are written off, t

35、he double entry might be:Dr.Irrecoverable debtsCr.Receivable control account- When an irrecoverable debt is subsequently received, the accounting entries are:Dr.CashCr.Irrecoverable debtsAllowance for receivables（a）Open up an allowance accountDr.Irrecoverable debts account （expense）Cr.Allowance for

36、receivables（b）In subsequent years- calculate the new allowance required- compare it with the existing balance on the allowance account- calculate increase or decrease required（only a movement in the allowance is charged to the I.S.）（i）If a higher allowance is required: Dr.Irrecoverable debts expense

37、 Cr.Allowance for receivables（ii）If a lower allowance is required: Dr.Allowance for receivablesCr.Irrecoverable debts expenseExample:A has total receivables outstanding at 31 December 20x2 of $28,000.He believes that about 1% of these balances will not be collected and wishes to make an appropriate

38、allowance.Before now, he has not made any allowance for receivables at all.On 31 December 20x3, his trade accounts receivable amount to $40,000.His experience during the year has convinced him that an allowance of 5% should be made.Required: What accounting entries should he make?Solution:At 31 Dece

39、mber 20x2, Allowance required= 1% x 28,000 = $280Dr.Irrecoverable debts expense 280Cr.Allowance for receivables 280In SFP Receivables ledger balances 28,000Less: allowances for receivables 280 27,720At 31 December 20x3Allowance required now（ 5% x 40,000）2,000Existing allowance （280）Additional allowa

40、nce required 1,720The double entry will be:Dr.Irrecoverable debts expense 1,720Cr.Allowance for receivables 1,720In SFPReceivables ledger balances 40,000Less: allowance for receivables （2,000）38,000Example 2:Irrecoverable debts are $5,000.Trade accounts receivable at the year end are $120,000.If an

41、allowance for receivables of 5% is required, what are the irrecoverable debts in the income statement?A.$5,000B.$11,000C.$6,000D.$10,750Solution: B120,000 X 5% = 6,000$6000+ $5,000 = $11,000 P.S.: The irrecoverable debt expense to be included in I/S should include:Irrecoverable debt written off xx +

42、 Allowance （ movement ）for receivables xx= Total irrecoverable debt expense charged to I/SSession 2Financial Statements include:- a statement of financial position at the end of the period- a statement of comprehensive income for the period- a statement of changes in equity for the period- statement

43、 of cash flows for the period- notes, comprising a summary of accounting policies and other explanatory notesThe statement of financial position:Statement of Financial Position: showing the financial position of a business at a point of time.The Vertical format of the SFP: （Statement of Financial Po

44、sition as at 31 December 2007）The top half of the balance sheet shows the assets of the business.The bottom half of the balance sheet shows the capital and liabilities of the business.A Statement of financial position at the end of the period （Balance Sheet）:W Xang Balance Sheet as at December 31 20

45、X6 $Non current assetsMotor Van2,400Current assetsInventory2,390Trade receivables1,840Cash at bank1,704Cash in hand565,990Total assets8,390$Capital accountBalance at 1 January 20X64,200Add net profit for year3,450Increase in capital1,0008,650Less: Drawing for year （2,960）5,690Non current liabilities1,000Current liabilitiesPayable1,700Total 8,390The horizontal format of the SFP: （Statement of Financial Position as at 31 December 2007）The left half of the balance sheet shows the assets of the business.The right half of the balance sheet shows the capital and liab