Financial Statements of Sole Traders

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Why Financial Statements are prepared on Accrual basis?

By Hasaan Fazal on April 23, 2011

Financial Statements assist internal and external users by providing them financial information which they in making economic decisions. As their decisions are based on financial information underlying financial statements therefore, decision making process depends heavily on the relevance and reliability of financial statements which in simple words mean that if financial statements are not reporting […]

Posted in ACCA, ACCA - F3, ACCA - F7, CA, CAT, CAT - T3, CAT - T6, CIMA, CIMA C02, FA2, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Companies, Financial Statements of Sole Traders, Financial Statements of Sole Traders, IAS 1, IASB Framework for Financial Statements, Module B, Module C, Published Accounts | 1 Response

What are the Fundamental accounting Assumptions underlying Financial Statements?

By Hasaan Fazal on April 4, 2011

Fundamental assumptions, basic assumptions or fundamental accounting assumptions mean the accounting concepts that have been considered and followed while recording financial information. As information needs are different from person to person, entity to entity and situation to situation thus such assumptions vary. But remember one thing fundamental accounting assumptions DOES NOT mean the rules that […]

Posted in ACCA, ACCA - F3, ACCA - F7, Accounting Concepts & Conventions, Accounting Concepts and Policies, CA, CAT, CAT - T6, Conceptual and Regulatory Frameworks, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Sole Traders, Module B, Module C, Published Accounts | Leave a response

What is the purpose of Statement of changes in equity?

By Hasaan Fazal on March 30, 2011

Many students find it confusing that if we already have two financial statements, one covering the financial position of the business and the other telling about the financial performance then why do we need yet another statement with the name of Statement of Changes in Equity? And more interestingly, many think that its just a […]

Posted in ACCA, ACCA - F3, ACCA - F7, Accounting Concepts & Conventions, CA, CAT, CAT - T1, CAT - T3, CAT - T6, FA1, FA2, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Sole Traders, Module B, Module C, Published Accounts, Trial Balances and Financial Statements | Leave a response

Why closing inventory appears on the credit side of Trading account?

By Hasaan Fazal on March 26, 2011

Closing stock or as it is also named as closing inventory is definitely an asset. But trading account is not the same as Inventory account. Inventory, being an asset, should have a debit balance in Inventory account. Trading account is a distinct account and both must not be mixed up together. The answer to the […]

Posted in ACCA, ACCA - F3, ACCA - F7, Accounts & Ledgers, CA, CAT, CAT - T3, CAT - T6, FA1, FA2, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Sole Traders, Module B, Module C, Published Accounts, Trial Balances and Financial Statements | Leave a response

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