F3 INT Study Text Financial Accounting ACCA

Publishing

F3 INT Study Text

Financial Accounting

ACCA

Publishing

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Paper

F3 (INT)

Financial Accounting

(International)

Welcome to Emile Woolf¡®s study text for

Paper F3 Financial Accounting (International) which is:

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Written by tutors

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Comprehensive but concise

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In simple English

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Used around the world by Emile Woolf Colleges including

China, Russia and the UK

Publishing

Third edition published by

Emile Woolf Publishing Limited

Crowthorne Enterprise Centre, Crowthorne Business Estate, Old Wokingham Road,

Crowthorne, Berkshire RG45 6AW

Email: info@



? Emile Woolf Publishing Limited, September 2010

All 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, scanning or otherwise, without the prior permission in writing of Emile Woolf

Publishing Limited, or as expressly permitted by law, or under the terms agreed with the

appropriate reprographics rights organisation.

You must not circulate this book in any other binding or cover and you must impose

the same condition on any acquirer.

Notice

Emile Woolf Publishing Limited has made every effort to ensure that at the time of

writing the contents of this study text are accurate, but neither Emile Woolf Publishing

Limited nor its directors or employees shall be under any liability whatsoever for any

inaccurate or misleading information this work could contain.

British Library Cataloguing in Publications Data

A catalogue record for this book is available from the British Library.

ISBN: 978©\1©\84843©\107©\2

Printed and bound in Great Britain

Acknowledgements

The syllabus and study guide are reproduced by kind permission of the Association of

Chartered Certified Accountants.

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Go to for Q/As, Notes & Study Guides

? EWP

Paper F3 (INT)

Financial Accounting

c

Contents

Page

Syllabus and study guide

1

New terminology and presentation of financial statements

13

Chapter 1:

The context and purpose of financial reporting

15

Chapter 2:

Qualitative characteristics of financial information and the

fundamental bases of accounting

37

Chapter 3:

The accounting equation and double-entry book-keeping

51

Chapter 4:

Recording transactions: sales, purchases and cash

87

Chapter 5:

Inventory

115

Chapter 6:

Non-current assets

137

Chapter 7:

Accruals and prepayments. Receivables and payables

177

Chapter 8:

Provisions and contingencies

207

Chapter 9:

Capital structure and finance costs

223

Chapter 10: Trial balance, correcting errors and suspense accounts

251

Chapter 11: Control accounts and bank reconciliations

271

Chapter 12: Preparing financial statements

287

Chapter 13: Partnership accounts

315

Chapter 14: Statements of cash flows

333

Chapter 15: Incomplete records

365

Answers to exercises and multiple choice questions

379

Practice questions

415

Answers to practice questions

435

Index

465

? EWP Go to for Q/As, Notes & Study Guides

iii

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