100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ACCA F3: Priority Exam Practice Questions and Answers $9.99   Add to cart

Exam (elaborations)

ACCA F3: Priority Exam Practice Questions and Answers

 7 views  0 purchase
  • Course
  • ACCA
  • Institution
  • ACCA

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...

[Show more]

Preview 2 out of 13  pages

  • October 28, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCA
  • ACCA
avatar-seller
Emillect
©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




Page 1/13

, ©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


Page 2/13

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart