Acca f3 - Study guides, Class notes & Summaries

Main Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS Net Assets correct answer: Net assets = Total assets - Total liabilities Gross Profit formula correct answer: Gross Profit = Sales - Cost of Goods Sold COGS (Cost of Goods Sold) formula correct answer: Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory...

ACCA F3 Study Questions With Complete Solutions.ACCA F3 Study Questions With Complete Solutions.

ACCA F3 Practice Questions and Answers (100% Pass)

ACCA F3 2023 Exam Questions with All Correct Answers 1 Which of the following statements is true? A The directors of a company are liable for any losses of the company B A sole trader business is owned by shareholders and operated by the proprietor C Partners are liable for losses in a partnership in proportion to their profit share ratio D A company is run by directors on behalf of its members - Answer-D A company is run by directors on behalf of its members 2 Which of the following ...

ACCA F3 v1 Questions With Complete Solutions ACCA F3 v1 Questions With Complete Solutions

ACCA F3 Exam Questions with Complete Solutions Which of the following statements is true? A The directors of a company are liable for any losses of the company B A sole trader business is owned by shareholders and operated by the proprietor C Partners are liable for losses in a partnership in proportion to their profit share ratio D A company is run by directors on behalf of its members - ANSWER D A company is run by directors on behalf of its members 2 Which of the followin...

Dividends correct answer: Are appropriations of profit after tax Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year -in mid year, after the half-year financial results are known, the company might pay an interim dividend -at the end of the year, the company might declare a further final dividend Interim dividend correct answer: Dividends declared and paid during the year -declared: Debit retained earnings Credit divi...

ACCA F3 Exam Questions and Answers All Correct Financial reporting - Answer-is a way of recording, analysing and summarising financial data. For-profit entities of whatever size or nature exist - Answer-to make a profit. Not-for-profit entities exist - Answer-for the achievement of specific objectives rather than to make a profit. Profit - Answer-is the excess of income over expenditure. When expenditure revenue, the business is running at a loss. A sole tradership - Answer-is a bu...

Main Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS Net Assets correct answer: Net assets = Total assets - Total liabilities Gross Profit formula correct answer: Gross Profit = Sales - Cost of Goods Sold COGS (Cost of Goods Sold) formula correct answer: Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory...

ACCA F3 Study QuesACCA F3 Study Questions With Complete S WitACCA F3 Study Questions With Complete Solutions.ACCA F3 Study Questions With Complete Solutions.h Complete Solutions.