ACCA F3《财务会计》简单知识点复习：
What is the purpose of a bank reconciliation?
The bank reconciliation is done to check the accuracy of the entries in the cash book (and the accuracy of the bank statement).
What are we trying to achieve when we reconcile the receivables ledger control accounts with the receivables ledger?
The balance on the receivables ledger control account should be the same as the total of all the balances on the individual accounts in the accounts receivables ledger. If they are not the same then there must be an error.
In consolidations, under what circumstances will a provision for unrealised profit (PURP) adjustment be necessary?
When one company in the group has made sales to the other company, and the other company has some of those goods in inventory at the end of the year.
How is the goodwill arising on consolidation calculated?
It is the difference between the fair value of the subsidiary and the fair value of the net assets of the subsidiary.
What is the difference between the Direct and Indirect methods of arriving at the ?cash generated from operations‘ on a Statement of Cash Flows?
The direct method shows the actual amount of cash received and cash paid in respect of operations.
The indirect method starts with the profit before tax and adjusts it to result in the cash generated.
What items appear on a Statement of Cash Flows under the heading Investing Activities?
Cash spent acquiring non-current assets
Cash received from the sale of non-current assets
Income from investments
What are the three main headings that will appear on Statement of Cash Flows?
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
How is a contingent asset treated in the Financial Statements if the likelihood of the asset being confirmed is regarded as probable?
If it is probable, then the asset should not be recognised in the Financial Statements, but it should be disclosed by way of note.
In the context of IAS 10 – Events after the reporting period – what is the treatment of a non-adjusting event?
The financial statements are not amended to reflect the event, but it is disclosed by way of a note if material.
What are revenue reserves?
Revenue reserves are profits that have been earned (and retained) by the company – retained earnings and general reserve.
They represent amounts owing to shareholders that can be paid out as dividend.
What does the share premium account record?
The share premium account records the excess of the amount of cash received from the issue of shares over the nominal (par) value of the shares.
What is a bonus (scrip) issue of shares?
A bonus issue of shares is an issue of new shares to existing shareholders in proportion to their existing shareholdings, free of charge. No cash is received.
What are the differences between ordinary and preference shares?
Ordinary shares have voting rights – preference shares usually do not.
The dividend on ordinary shares is recommended by the directors – preference shares carry a fixed dividend.
The ordinary dividend is paid out of profits left after the preference dividend has been paid.