Single Entry and Incomplete Records

Questions belonging to this category are listed below. To read the answer of a particular question, then just click on the heading (question itself) and the whole answer will be presented to you. If you think that a question that should have been answered here and have not been answered then you can ask it by using iask! - ASK TUTOR form and our teachers will write a perfect answer for you. You can also use our ACCA F3 discussion forums to discuss your question.? If you like the answer then share it with your friends by clicking LIKE and/or TWEET button.

What is the difference between Cash basis and Accrual basis accounting and which one is better?

By Hasaan Fazal on April 4, 2013

Accrual basis of accounting is one of the underlying assumption for preparing financial statements under International Accounting Standards. IASB Framework clearly demanded the financial statements to be prepared on accrual basis instead of cash basis of accounting. Among other notable benefits of usig accrual basis of accounting over cash basis is that it helps record the […]

Posted in ACCA, ACCA - F3, ACCA - F7, Accounting Concepts & Conventions, Accruals and Prepayments, Accruals and Prepayments, CA, CAT, CAT - T3, CAT - T6, CIMA, CIMA C01, CIMA C02, FA2, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Sole Traders, IAS 1, IASB Framework for Financial Statements, Module B, Module C, Single Entry and Incomplete Records | Leave a response

What is Credit note and when is it used?

By Hasaan Fazal on November 9, 2012

A credit note is a source document providing evidence that a credit entry has been made in the financial records for specific reason which is explained on the face of this business document. Credit note is also known as credit memo or credit memorandum as it only notifies about the entry made in the financial […]

Posted in ACCA, ACCA - F3, ACCA - F8, Accounts & Ledgers, Accruals and Prepayments, Audit Documentation, Audit Evidence, Audit Evidence - Substantive Procedures, CA, CAT, CAT - T1, CAT - T3, CAT - T6, CAT - T8, Control Accounts, FA1, FA2, FAU, FFA, FIA, Financial Account Basics, Financial Accounting, IAS 2, Introduction to Auditing - Basics, Inventory, Module B, Module C, Rectification of Errors, Sales Tax, Single Entry and Incomplete Records, Source Documents & Books of Original Entry | Leave a response

What is the difference between Authorised capital, Issued capital, Subscribed capital, Called-up capital and Paid-up capital?

By Hasaan Fazal on May 12, 2011

Authorized capital: The amount of capital with which a company is registered with the registrar of companies (body responsible for registration of companies). It is the maximum amount of capital which a company can raise through shares i.e. shared capital can be maximum up to the authorized capital and not beyond. Due to this reason […]

Posted in ACCA, ACCA - F7, Accounting Concepts & Conventions, Accounting Equation, CA, Capital structure and Financing of Companies, CAT, CAT - T3, CAT - T6, CIMA, CIMA C02, FA2, FFA, FIA, Financial Accounting, Financial Statements of Companies, Financial Statements of Companies, Financial Statements of Sole Traders, Module B, Module C, Published Accounts, Single Entry and Incomplete Records, Trial Balances and Financial Statements | 7 Responses