Purpose of notes to financial statements. You should recall from Chapter 1 that the ac-counting equation is expressed. Start studying Chapter 1.3 Conceptual Framework (Qualitative Characteristics). Framework The accounting equation provides a framework for recording and summarizing economic events and preparing financial statements.
The notes only addressed key areas to ensure that you are completely prepared to practice past year's questions. The set of rules for the accrual basis of accounting are described and illustrated in Chapter 3. These notes are created by concentrating as much as possible on the F3 Financial Accounting (FA) study guide found on the ACCA website, following the requirements of the study guide and covering almost everything that you need to know to pass this exam.
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