Acca f3 exam questions - Study guides, Class notes & Summaries

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 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...

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...

ACCA F3 nilelan Exam with Questions and Answers...

ACCA F3 nilelan Exam with Questions and Answers ...

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 - ANSWERGross Profit = Sales - Cost of Goods Sold COGS (Cost of Goods Sold) formula - ANSWERCost of Goods Sold = Opening Inventory + Purchases - Closing Inventory 3 items in statement of changes in equity...