...............................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT......................................................87 BORROWING COSTS.................................................................................105 GOVERNMENT GRANTS ...........................................................................113 NON-CURRENT ASSETS HELD FOR SALE ..............................................123 INVESTMENT PROPERTY .........................................................................133 INTANGIBLES .............................................................................................145 IMPAIRMENT ..............................................................................................159 PROVISIONS AND CONTINGENCIES .......................................................171 TAXATION...................................................................................................185 LEASES.......................................................................................................201 EMPLOYEE BENEFITS............................
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...............................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT......................................................87 BORROWING COSTS.................................................................................105 GOVERNMENT GRANTS ...........................................................................113 NON-CURRENT ASSETS HELD FOR SALE ..............................................123 INVESTMENT PROPERTY .........................................................................133 INTANGIBLES .............................................................................................145 IMPAIRMENT ..............................................................................................159 PROVISIONS AND CONTINGENCIES .......................................................171 TAXATION...................................................................................................185 LEASES.......................................................................................................201 EMPLOYEE BENEFITS............................
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...ECON MIDTERM #1 Chapter 1: 1. What goods and services should be produced? * “guns versus butter” decision: * Which of the following is the best example of "what goods and services should be produced?" Selected Answer: the production of SUV’s versus the production of sub-compact cars * Which of the following is an example of how the question of "what goods and services to produce?" is answered by the command process? Selected Answer: government subsidies for windmill energy production How goods and services should be produced? * Involves the allocation of a country’s resources in the production of a particular good or service. * Which of the following is the best example of "how goods and services should be produced?" Selected Answer: the use of additional workers versus the use of machines in the production of goods. 2. Factors of production * factors of production, resources, or inputs are what is utilized in the production process in order to produce output—that is, finished goods. * Factors of production may also refer specifically to the primary factors, which are land, labor (the ability to work), and capital goods applied to production * Resources: Land, Labor, Capital, Entrepreneurship and management skills 3. Scarcity and opportunity cost * Scarcity is the condition in which resources are not available to satisfy all needs and wants of a specified group or people. * Opportunity cost is the amount...
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...FFA PAPER F3 FINANCIAL ACCOUNTING BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for FIA and ACCA qualifications. In this, the only FFA/F3 study text to be reviewed by the examiner: We highlight the most important elements in the syllabus and the key skills you will need We signpost how each chapter links to the syllabus and the study guide We provide lots of exam focus points demonstrating what the examiner will want you to do We emphasise key points in regular fast forward summaries We test your knowledge of what you’ve studied in quick quizzes We examine your understanding in our exam question bank We reference all the important topics in our full index I N T E R A C T I V E T E X T BPP’s Practice & Revision Kit, i-Pass and Interactive Passcard products also support this paper. Note FIA FFA and ACCA Paper F3 are examined under the same syllabus and study guide. FOR EXAMS FROM FEBRUARY 2013 TO JANUARY 2014 FFA/F3 FINANCIAL ACCOUNTING First edition March 2011 Second edition September 2012 ISBN 9781 4453 9966 9 Previous ISBN 9781 4453 7305 8 eISBN 9781 4453 9242 4 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place 142-144 Uxbridge Road London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Printers Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP Your...
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...SCANNING THE ANNUAL REPORT ACCOUNTING INFORMATION SYSTEMS Try and find answers to the following questions from the annual report of Hindustan Unilever Ltd. 1. What is HUL’s business? Who are its major suppliers and customers? How many employees does HUL have? Why is this information important? 2. Read the “Contents” page. Mark the items that relate to financial statements as “FS” and the rest as “NFS”. 3. Who is responsible for preparing and presenting the financial statements? Where is this information available? 4. How does HUL define the reporting entity? Where is this information available? 5. List HUL’s asset, liability and equity items. 6. Verify that the financial statements satisfy the accounting equation. 7. Who audited the financial statements? Is it a part of any Big Four firm? If yes, which one? 8. Who appoints the auditors? Where is this information available? 9. To whom is the auditors’ report addressed? Why? 10. What are the matters on which the auditors report? 11. What is the auditors’ opinion on the financial statements? 12. Does the auditors’ report contain any recommendation to present and potential investors? 13. How much was the auditors’ remuneration? 14. Did the auditors provided any non-audit service to HUL? If yes, how much was the payment for these services? Where is this information available? Why is this information important? 15. What information does HUL provide in items that you have marked as...
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...Exam August 2007 1. Which of the following answers is a condition for non-cooperative strategic behavior (chapter 11)? a) preventing resales b) advantage c) commitment d) both answers b and c are correct 2. Which of the following condition(s) does a governmental institution aim for in correcting market inefficiencies? (chapter 20) a) Correcting deviations from perfect competition in b) redistribution of incomes c) stimulating the appliance of the following productionrule MO = MK (marginal revenue = marginal cost) d) both answer a. and b. are correct 3. In the long-term companies in monopolistic competition make (chapter 7) a) Small positive economic profit b) large positive economic profit c) no economic profit d) none of the above 4. In Chapter 12 concerning vertical integration and vertical restrictions several reasons are discussed that justify vertical integration. Which of the following answers is NOT a reason for vertical integration? a) Internalizing externalities b) lowering transaction costs c) avoiding governmental regulation d) assuring demand for goods 5. A dominant firm is defined as a firm that (chapter 4) a) Has a large marketshare b) is a price setter and is confronted with small companies that are price takers c) creates a new technological standard in the market d) has market power 6. (With reference to chapter 3) Consider the following...
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...give you lots of great guidance on tackling questions We show you how you can build your own exams We provide you with three mock exams including the December 2012 exam Our Passcard and i-Pass products also support this paper. FOR EXAMS IN 2013 First edition 2007 Seventh edition January 2013 ISBN 9781 4453 6646 3 (previous ISBN 9781 4453 7995 1) ebook ISBN 9781 4453 6949 5 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources. © BPP Learning Media Ltd 2013 ii Contents Page Finding questions Question index...
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...the far right hand side of the ETB give you the figures to prepare the statement of financial position and income statement. In our simple example there is only one adjustment, which we can leave for a moment since it doesn’t affect the ledger accounts which we have already prepared. We can therefore go on to ‘close’ the ledger accounts in preparation for the final accounts. What this means depends on the type of item in each ledger account. Accounts showing income or expenditure are closed by transferring the balance on each account to the profit and loss account. Accounts showing assets or liabilities are left exactly as they are; the balances are shown in the statement of financial position. Examples of each should help to explain what we mean. Take purchases as an instance of an account showing expenditure. This has to be transferred to the profit and loss account, and the account is closed as follows: |Purchases | | | | | £ | £ | |Cash 4,000 |Balance c/f 15,500 | |Payables 2,000 | | |Payables 6,000 | | |Cash 3,000 |...
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... The best things in life are free IMPORTANT!!! PLEASE READ CAREFULLY To benefit from these notes you must watch the free lectures on the OpenTuition website in which we explain and expand on the topics covered In addition question practice is vital!! You must obtain a current edition of a Revision / Exam Kit from one of the ACCA approved content providers they contain a great number of exam standard questions (and answers) to practice on. You should also use the free “Online Multiple Choice Tests” and the “Flashcards” which you can find on on the OpenTuition website. http://opentuition.com/acca/ December 2015 Examinations Paper F2 ACCA F2 / FIA FMA Free lectures are available on opentuition.com CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Accounting for Management Sources of Data Presenting Information Cost Classification Inventory Control Accounting for labour Accounting for Overheads The Management Accountant’s Profit Statement – Absorption Costing The Management Accountant’s Profit Statement – Marginal Costing Process Costing – Introduction Process Costing – Losses Process Costing – Work-in-Progress Process Costing – Joint Products...
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...Management control systems Solutions to Chapter 16 questions (a) See Chapter 16 for the answer to this question. In particular, your answer should stress: (i) The need for a system of responsibility accounting based on a clear definition of a manager’s authority and responsibility. (ii) The production of performance reports at frequent intervals comparing actual and budget costs for individual expense items. Variances should be analysed according to whether they are controllable or non-controllable by the manager. (iii) The managers should participate in the setting of budgets and standards. (iv) The system should ensure that variances are investigated, causes found and remedial action is taken. (v) An effective cost control system must not be used as a punitive device, but should be seen as a system that helps managers to control their costs more effectively. (b) Possible problems include: (i) Difficulties in setting standards for non-repetitive work. (ii) Non-acceptance by budgetees if they view the system as a punitive device to judge their performance. (iii) Isolating variances where interdependencies exist. (a) See ‘Planning’, ‘Motivation’ and ‘Performance evaluation’ in the section on the multiple functions of budgets in Chapter 15 for the answer to this question. The answer should emphasize that the role of motivation is to encourage goal congruence between the company and the employees. (b) See ‘Conflicting roles of budgets’ in Chapter 15 for an explanation of how the planning...
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...1. | Question: | (TCO 1) The money markets deal with | | Your Answer: | | | short-term securities | | CORRECT | | | securities with a life of more than one year | | | | | securities such as common stock | | | | | none of the above | | | | | Instructor Explanation: | Chapter 1, Page 15 | | Points Received: | 2 of 2 | 2. | Question: | (TCO 1) One major disadvantage of the sole proprietorship is | | Your Answer: | | | simplicity of decision-making | | INCORRECT | | | unlimited liability | | CORRECT ANSWER | | | low operational costs | | | | | none of the above | | | | | Instructor Explanation: | Chapter 1, Page 8 | | Points Received: | 0 of 2 | 3. | Question: | (TCO 1) The appropriate firm goal in a capitalist society is | | Your Answer: | | | profit maximization | | | | | shareholder wealth maximization | | CORRECT | | | social responsibility | | | | | none of the above | | | | | Instructor Explanation: | Chapter 1, Page 12 | | Points Received: | 2 of 2 | 4. | Question: | (TCO 1) The agency problem will occur in a business firm if the goal of ____________ and shareholders do not agree. | | Your Answer: | | | investors | | | | | the public | | | | | management | | CORRECT | ...
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...Accounting for non-accounting students eighth edition John R. Dyson ACCOUNTING FOR NON-ACCOUNTING STUDENTS Visit the Accounting for Non-Accounting Students, eighth edition Companion Website at www.pearsoned.co.uk/dyson to find valuable student learning material including: G G G G Multiple choice questions to help test your learning Extra question material Links to relevant sites on the web Glossary explaining key terms mentioned in the book We work with leading authors to develop the strongest educational materials in Accounting, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk ACCOUNTING FOR NON-ACCOUNTING STUDENTS Eighth Edition John R. Dyson Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First edition published in Great Britain under the Pitman Publishing imprint in 1987 Second edition 1991 Third edition 1994 Fourth edition published under the Financial Times Pitman Publishing imprint in 1997 Fifth edition 2001 Sixth edition 2004 Seventh edition 2007 Eighth...
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...Publishing Publishing F3 INT Study Text Financial Accounting ACCA Publishing ACCA Distance Learning Courses Learn quickly and efficiently Using a blended learning approach, our distance learning package will steer you towards exam success. Our aim is to teach you all you need to know and give you plenty of practice, without bombarding you with excessive detail. We therefore offer you the following tailored package: • Access to our dedicated distance learning website – where you’ll find a regular blog from the distance learning department – reminders, hints and tips, study advice and other ideas from tutors, writers and markers – as well as access to your course material • • Tutor support – by phone or by email, answered within 48 hours The handbook – outlining distance learning with us and helping you understand the ACCA course Study phase Revision phase • The key study text – covering the syllabus without excessive detail and containing a bank of practice questions for plenty of reinforcement of key topics • A key study guide – guiding you through the study text and helping you revise • An online question bank for additional reinforcement of knowledge • An exam kit – essential for exam preparation and packed with examstandard practice questions • 2 tutor-marked mock exams to be sat during your studies • Key notes - highlighting the key topics in an easy-to-use format Total price: £160.95 ...
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...Chapter 1- Question and Answers 1.1 a. What are some of the industries in the healthcare sector? Some of the industries in the healthcare sector are health insurance, pharmaceuticals and biotechnology, medical equipment and supplies and health services. Others include education institutions, government and private research agencies. b. What is meant by the term healthcare finance as used in this book? Healthcare finance is a term used in this book to describe accounting and financial management principles and practices used to ensure the financial well-being of health care organizations. c. What are the two broad areas of healthcare finance? The two broad areas of healthcare finance are accounting and financial management. Accounting is the recording of financial transactions concerning a business or organization, providing a summary of transactions. Financial management is the use of theory, principles, and concepts developed to help managers make better financial decisions. d. Why is it necessary to have a book on healthcare finance as opposed to a generic finance book? While each service industry has a certain definitive characteristic, the health service industry is different to most others. Non-profit corporations dominate the health service industry either by government or privately. Third parties such as insurance companies, employers and government programmes are the ones that make the majority of the payments to healthcare providers over individuals...
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...Human Resource Management, 12e (Dessler) Chapter 10 Coaching, Careers, and Talent Management 1) Which of the following terms refers to educating, instructing, and training subordinates? A) mentoring B) coaching C) appraising D) grading E) recruiting Answer: B Explanation: Coaching means educating, instructing, and training subordinates. Mentoring means advising, counseling, and guiding. Recruiting refers to searching for job candidates. Diff: 1 Page Ref: 344 Chapter: 10 Objective: 1 Skill: Concept 2) The process of advising, counseling, and guiding employees is known as ________. A) coaching B) appraising C) assessing D) mentoring E) training Answer: D Explanation: Mentoring means advising, counseling, and guiding. Coaching means educating, instructing, and training subordinates. Both coaching and mentoring skills are needed for appraising employees, but appraising and assessing refer to rating an employee. Diff: 1 Page Ref: 344 Chapter: 10 Objective: 1 Skill: Concept 3) ________ focuses on helping an employee make long-term career plans, while ________ addresses an employee's short-term job skills. A) Mentoring, coaching B) Coaching, mentoring C) Recruiting, coaching D) Recruiting, mentoring E) Mentoring, recruiting Answer: A Explanation: Mentoring means advising, counseling, and guiding an employee towards long-term career goals. Coaching means educating, instructing, and training subordinates in performing short-term job-related...
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