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Exam (elaborations)

ACCA F3: Priority Exam Practice Questions and Answers

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ACCA F3: Priority Exam Practice Questions and Answers Main Accounting equation (PROFIT = ?) - ANSWERPROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED Main Accounting equation (increase in net assets = ?) - ANSWERCLOSING NET ASSETS - OPENING NET ASSETS Gross Profit formula - ANSW...

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  • October 28, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCA
  • ACCA
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©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




ACCA F3: Priority Exam Practice

Questions and Answers


Main Accounting equation (PROFIT = ?) - ANSWER✔✔PROFIT = INCREASE IN NET ASSETS + DRAWINGS -

CAPITAL INTRODUCED


Main Accounting equation (increase in net assets = ?) - ANSWER✔✔CLOSING NET ASSETS - OPENING

NET ASSETS


Gross Profit formula - ANSWER✔✔Gross Profit = Sales - Cost of Goods Sold


COGS (Cost of Goods Sold) formula - ANSWER✔✔Cost of Goods Sold = Opening Inventory + Purchases -

Closing Inventory


3 items in statement of changes in equity - ANSWER✔✔1. Total comprehensive income for the year


2. Equity dividends paid


3. Prior period adjustment




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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Equity/Ordinary shares - ANSWER✔✔This type of share gives the stockholder the right to share in the

profits of the company, and to vote on matters of corporate policy and the composition of the members

of the board of directors


3 items in equity section of balance sheet - ANSWER✔✔1. Accumulated comprehensive income for the

year


2. Retained earnings


3. Common (Equity) Shares


Formula to calculate annual depreciation charge after revaluation (when useful life has not changed) -

ANSWER✔✔Annual charge = revalued amount / remaining useful life


How to calculate annual depreciation if asset was revalued mid. year - ANSWER✔✔Total Annual Charge =

(Annual charge with old value / 12 x 6 months) + (Annual charge with new value / 12 x 6 months)


Costs that can be capitalised (4 preparation and 3 disposal): - ANSWER✔✔Prep.:


1) site preparation,


2) delivery inwards and handling,


3) installation,


4) related professional fees for architects and engineers


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