By Emile Woolf International
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Extra info for ACCA F3 (INT) Financial Accounting Study Text
Practice multiple choice questions 1 2 3 4 A trade receivable is an example of: A an asset B a liability C income A loan of $30,000 from a bank, repayable in three years’ time, is: A a current liability B a non-current liability C a current asset D a non-current asset. (1 mark) International accounting standards are written primarily with regard to the information needs of which type of users? A managers B employees C the government and government agencies D investors. (2 marks) Some of the content of the financial statements of companies might be specified by national company law.
When price inflation means that the current value or replacement cost of assets is continually rising, historical cost would cease to represent a realistic value for some long-term assets (non-current assets). An obvious example is land and buildings, which are often used for many years and whose value tends to rise over time. For example suppose that historical cost is used to value buildings purchased in 1970, 1985, 2000 and 2009. Their total historical cost would not represent their actual value, and the historical cost of each asset would not be comparable because they were bought at different times.
Example 2: accruals basis A company starts in business on 1 September Year 1. It acquires an office for which it pays one year’s rent in advance, to 30 August Year 2. The cost of the annual rental is $120,000. The company prepares its financial statements for a financial period ending on 31 December each year. Applying the accruals concept, the expense for office rental cost in the period to 31 December Year 1 is the cost of just four months’ rent. The expense is therefore $40,000 ($120,000 × 4/12) in Year 1, and there has been a prepayment for $80,000 that relates to the next financial period, the year to 31 December Year 2.
ACCA F3 (INT) Financial Accounting Study Text by Emile Woolf International