ATC INTERNATIONAL ACCA STUDY MATERIAL PDF

*LSBF Pass 1st Time Guarantee™ provides a free re-sit course in case .. ATC International became a part of Becker Professional Education. Most of u come here for ACCA materials and study buddies, however ACCA One of those degrees is Diploma in International Financial Reporting Standards, or DipIFR. And again, as for Study material, i recommend ATC. ACCA June –Kazakhstan. Morgan ATC International The package comprises Becker’s ACCA Approved Study Text, Revision. Question Bank and the.

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June 12, at 8: It may introduce another element of subjectivity, but accounts preparation inevitably does involve many judgmental decisions.

If I may ask, which kit are you refering to?. A rare practical example of this is in the extraction of precious metals e. Relevant figures are as follows: A standard model radio has adca following disclosed costs: Without detailed knowledge of how these figures have been determined, their meaning can be difficult to construe. A Brief Guide to Proposal Writing.

The Framework provides a useful basis for discussion and is an aid to academic thought. You must not ask for soft copies on this website. A typical operating cycle for a manufacturing company would comprise of acquiring goods or raw materials from which a saleable product is manufactured, at some stage orders would be obtained for these goods and they would then be delivered to and accepted by customers.

Compute what the value of the inventory at 31 March would be using weighted average cost 5 marks In arriving at the total inventory values you should make calculations to two decimal places where necessary and deal with each inventory movement in date order.

For most transactions the critical event is synonymous with full performance, but in theory, the critical event could occur at almost any point in the operating cycle.

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The Revision Question Bank also includes past examination questions updated where relevantmodel answers and alternative solutions and tutorial notes. Explain what is materia by the critical event in relation to revenue recognition and discuss the criteria used in the Framework for determining when a gain or loss arises.

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Conclusion Broadly speaking, the Anglo-Saxon world regards economic substance as being more important than legal form. It is these judgments that make accounts fair as well as true, and hence duly comparable.

Profit, which was reasonably foreseeable from the year ended 31 Decemberis to be taken on a costs basis, and revenue is to be taken on a consistent basis.

In such cases the legal form of the transaction is that the lessor retains the legal title to the assets. Costs to be included are therefore as follows: It could be argued that where there is a firm order for the goods this would overcome some of the uncertainties, but it would still be imprudent to recognise firm orders as sales.

They include a systematic allocation of fixed and variable production overheads including depreciation and maintenence of factory buildings and the cost of factory management and administration. A prudent approach is necessary, but the concept of accruals is also important.

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Two ways in which the quality of information disclosed in financial statements could be improved: Business Accounting study question bank – Becker Professional Education advertisement. This approach views accounting in a different way to most companies. The conceptual framework is not in itself a regulatory framework as there is no formal means of enforcing the issued standards, and as they are principles-based they are open to interpretation. The collection of cash for these sales is often considered to be the end of this process, but it should be borne in mind that in some cases further risks can exist in relation to product warranties or other after-sale commitments.

They must be clear and detailed. It chooses to define the elements of financial statements, principally assets and liabilities, and uses these to determine income gains and expenses losses. Not to do so would distort gearing ratios. The critical event theory argues that there comes a stage in the operating cycle, beyond which there is either no further significant risks or uncertainties or that they can be estimated with sufficient accuracy to enable revenue to be recognised.

This involves the use of the accruals, matching and prudence concept, with prudence being closely related to the principle of realisation.

study question bank – Becker Professional Education

Assume that it constitutes a material error. Sa m No part of this training material may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system without express written permission.

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Hi Ansi If I may ask, which kit are you refering to?. However, the use of historical cost accounting means that the profit is often overstated materiql depreciation is often based on historical cost of the assets and inventory tends to be valued at an historic cost which does not match itself to the current revenue figure.

A logical progression of this point would be to say that any industry whose products are normally sold on a commodities market could consider the obtaining of the product to be the critical event. Failure to present information fairly will obviously mean that users may be misled by the financial statements. IAS 1 Presentation of Financial Statements states the importance of prudence, substance over form and materiality in the selection and application of accounting policies and the preparation of financial statements.

Does this Forum actualy exist? To faithfully represent a transaction the entity must reflect the economic reality substance rather than its legal form, if there is a difference. Depreciation is to be based on a time apportioned basis. However, some transactions will have a commercial effect not fully indicated by their legal form, and where this is the case, it will not be sufficient to account for them merely by recording that form.

April 6, at 5: A cut-off therefore has to be established to be able to prepare the financial statements. April 8, at March 1, at 9: Opinion Inventories should be valued at the lower of cost and net realisable value under IAS 2 Inventories.

Achieving objectives Users of financial statements are interested in three main areas in their use of company financial statements: