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Additional info for ACCA F3 (INT) Financial Accounting Study Text
Deferred income is revenue that an entity receives in advance, that relates to goods or services that will be provided in a future accounting period. Revenue should not be ‘recognised’ until the goods or services have been delivered. For example, a deposit of $800 received from a customer for goods that have not yet been delivered should not be recognised in revenue until the goods are eventually delivered. Exercise 1 A company prepares its financial statements to 31 December each year. It hires an item of equipment for the period 1 November Year 1 to 30 April Year 2, at a cost of $30,000.
Goods received notes might be used to update inventory records, but not all business entities keep up-to-date inventory records. 6 From source documents to accounting records Data in the documents described above are copied into the accounting records. e. books where an accounting entry is made for the first time). They are subsequently transferred to ‘ledger accounts’. Books of prime entry, ledgers and accounts in ledgers will be explained later. 1 A simple representation of the statement of financial position The accounting equation is a simplified way of showing a statement of financial position.
However, information can be reliable provided that it is sufficiently reliable for its purpose, and 100% accuracy is not necessary. Information is reliable if it is free from material error and bias. In order to be reliable, information must have the following qualities: Faithful representation Substance over form Neutrality Prudence Completeness. Faithful representation The information must represent faithfully the transactions or other events that it is supposed to represent. For example a statement of financial position should faithfully represent the transactions and other events that have resulted in assets, liabilities and equity.