By Emile Woolf International
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Extra resources for ACCA F3 (INT) Financial Accounting Study Text
2 capital items will be reported in the statement of financial position, because they are of a long-term nature revenue items are at some stage reported as income or expenses in the income statement or statement of comprehensive income. Capital and revenue expenditure Capital expenditure is expenditure to acquire a long-term asset for the business (a capital asset), such as property, plant and machinery, office equipment and motor vehicles. A ‘capital asset’ is a ‘non-current asset’. The IASB defines ‘capitalisation’ as recognising a cost as an asset or part of the cost of as asset.
It should also keep a record of each sale. In shops, details of each sale transaction are recorded by the equipment at the cash desk. In an old-fashioned cash register, for example, each transaction is printed on a ‘till roll’. Computerised point of sale systems in supermarkets and stores record each cash sale transaction automatically. Credit sales Many businesses sell their goods or services on credit, which means that they give the customer time to pay. Typically a business will give its customers 30 days credit, meaning that the customer must pay by the end of 30 days from the date of sale.
3 Reliability Financial information must also be reliable. Users must be able to have trust in it, so that they can use the information to make their economic decisions with confidence that it is not misleading or too inaccurate. It might seem more appropriate to state that financial information ought to be accurate, rather than reliable. 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.
ACCA F3 (INT) Financial Accounting Study Text by Emile Woolf International