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.