Acca - Cat 3 Maintaining Financial Records (Int): Acca-Cat3-Qb: Question Bank

SYLLABUS CONTENT 1 Basic bookkeeping (a) The nature and confidentiality of business transactions (b) Double entry bookkeeping (c) Capital and revenue expenditure (d) Assets, liabilities, revenue and expenses (e) Initial trial balance (f) Format of simple final accounts (i) income statement (ii) statement of financial position (g) The organisation's policies, regulations and timescales in the preparation of final accounts 2 Accounting standards, principles and policies (a) Accounting standards (IASs and IFRSs) (b) Accounting principles (i) going concern (ii) accruals (iii) consistency (iv) prudence (c) Accounting policies (i) relevance (ii) reliability (iii) comparability (iv) understandability 3 Non-current assets and depreciation (a) Non-current assets (i) acquisition (ii) asset register (iii) accounting treatment (iv) disposal (v) part exchange (vi) authorisation (vii) maintenance of capital records (b) Depreciation (i) straight line (ii) reducing balance 4 Control accounts, reconciliations and errors (a) Reconciliations (i) payables ledger reconciliation (ii) receivables ledger reconciliation (iii) bank reconciliation (b) Identification of errors (i) incorrect double entry (ii) missing entries (iii) numerical errors (iv) insufficient information (c) Correction of errors (i) suspense account (ii) journal entries 5 Adjustments to the trial balance (a) Accruals and prepayments (b) Depreciation (c) Irrecoverable debts and allowances for receivables (d) Closing inventory (and inventory valuation) (e) Extended trial balance (f) Provisions 6 Final accounts (a) Incomplete records (b) Sole trader accounts (i) income statement (ii) statement of financial position (c) Partnership accounts (i) income statement (ii) appropriation of profit/loss (iii) statement of financial position (iv) partners' capital and current accounts