important topics

[Grace]

Hi all,

Out of 6 sections, in which F3 syllabus is divided, the last 3 sections are more important from an examination point of view. These sections contain the most exam asked topics such as:

 Suspense accounts
 Bank reconciliation
 Incomplete records
 Events after balance sheet date

For events after balance sheet date keep in mind the following:

Adjusting and non-adjusting events

a) Adjusting events: Conditions exist on the balance sheet date
e.g. the settlement after the balance sheet date of a court case that confirms that the entity had a present obligation at the balance sheet date

b) Non-adjusting events: Conditions arise after the balance sheet date
e.g. decline in the market value of investments after the balance sheet date

An entity which is no longer a going concern:requires a fundamental change in the basis of accounting rather than just an adjustment to the values

Hope this will help you.

All the best.

[Mukund]

Can we get some important tips sectionwise as per ACCA syllabus as it will help me to focus on important topics of section....

:)

Mukund

[Mukund]

Hi can any budy explain me 'What is meant by seperate leagal existance (of entity)'...... I found the leagal diffrences of diffrent entities very useful (Ref. Get Through Guides-Keynotes A1.2 in tabular format)

[Acid]

Hi there,

Seperate legal entity is a feature of Corporations .

Seperate legal entity means that the company or business is a seperate legal person apart from its owners or shareholders.

A company which is a legal person can be sued in courts and can be made liable for debts . The shareholders will not be sued or be held accountable for the debts of the company.

Seperate legal identity is a vital feature of Incorporated companies which is not found in Ordinary (Traditional) Partnership structures.

I hope this helps

Best of luck!

Acid