acca f3 suspense account那一章的讲义

acca f3 suspense account那一章的讲义 Suspense accounts and error correction by Neil Stein Professional Scheme, Certified Accounting Technician Scheme 25 Jul 2003 Relevant to Paper B1, Paper 1.1 and Paper 3 Suspense accounts and error correction are popular topics for examiners because they test understanding of bookkeeping principles so well. A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined. There are two reasons why a suspense account could be opened: 1. a bookkeeper is unsure where to post an item and enters it to a suspense account pending instructions 2. there is a difference in a trial balance and a suspense account is opened with the amount of the difference so that the trial balance agrees (pending the discovery and correction of the errors causing the difference). This is the only time an entry is made in the records without a corresponding entry elsewhere (apart from the correction of a trial balance error – see error type 8 in Table 1). Table 1: Types or error Error type Suspense account involved? 1 Omission – a transaction is not recorded at all No 2 Error of commission – an item is entered to the correct side of the wrong account No (there is a debit and a credit here, so the records balance) 3 Error of principle – an item is posted to the correct side of the wrong type of account, as when cash paid for plant repairs (expense) is debited to plant account (asset) No (errors of principle are really a special case of errors of commission, and once again there is a debit and a credit) 4 Error of original entry – an incorrect figure is entered in the records and then posted to the correct account No Example: Cash ?1,000 for plant repairs is entered as ?100; plant repairs account is debited with ?100 5 Reversal of entries – the amount is correct, the accounts used are correct, but the account that should have been debited is credited and vice versa Example: Factory employees are used for plant maintenance: Correct entry: No Debit: Plant maintenance Credit: Factory wages Easily done the wrong way round 6 Addition errors – figures are incorrectly added in a ledger account Yes 7 Posting error – a an entry made in one record is not posted at all b an entry in one record is incorrectly posted to another Yes Examples: cash ?10,000 entered in the cash book for the purchase of a car is: a not posted at all b posted to Motor cars account as ?1,000 8 Trial balance errors – a balance is omitted, or incorrectly extracted, in preparing Yes the trial balance 9 Compensating errors – two equal and opposite errors leave the trial balance Yes, to correct each of balancing (this type of error is rare, and can be because a deliberate second error has the errors as been made to force the balancing of the records or to conceal a fraud) discovered For examination purposes we are more often concerned with the second of these – differences and error correction. Types of error Before we look at the operation of suspense accounts in error correction, we need to think about types of error – not all types affect the balancing of the records and hence the suspense account. Refer to Table 1. Correcting errors Errors 1 to 5, when discovered, will be corrected by means of a journal entry between the accounts affected. Errors 6 to 9 also require journal entries to correct them, but one side of the journal entry will be to the suspense account opened for the difference in the records. Type 8, trial balance errors, are different. As the suspense account records the difference, an entry to it is needed, because the error affects the difference. However, there is no ledger entry for the other side of the correction – the trial balance is simply amended. An illustrative question This is Question 2 from the December 1998 Accounting Framework examination. This was the Foundation stage accounting paper until the new Paper 1.1, Preparing Financial Statements examination came into effect in December 2001. The bookkeeping system of Turner Limited is not computerised, and at 30 September 1998 the bookkeeper was unable to balance the accounts. The trial balance totals were: Debit ?1,796,100 Credit ?1,852,817 Nevertheless, he proceeded to prepare draft financial statements, inserting the difference as a balancing figure in the balance sheet. The draft profit and loss account showed a profit of ?141,280 for the year ended 30 September 1998. He then opened a suspense account for the difference and began to check through the accounting records to find the difference. He found the following errors and omissions: 1. ?8,980 – the total of the sales returns book for September 1998, had been credited to the purchases returns account. 2. ?9,600 paid for an item of plant purchased on 1 April 1998 had been debited to plant repairs account. The company depreciates its plant at 20% per annum on a straight line basis, with proportional depreciation in the year of purchase. 3. The cash discount totals for the month of September 1998 had not been posted to the nominal ledger accounts. The figures were: Discount allowed ?836 Discount received ?919 4. ?580 insurance prepaid at 30 September 1997 had not been brought down as an opening balance 5. The balance of ?38,260 on the telephone expense account had been omitted from the trial balance 6. A car held as a fixed asset had been sold during the year for ?4,800. The proceeds of sale were entered in the cash book but had been credited to the sales account in the nominal ledger. The original cost of the car ?12,000, and the accumulated depreciation to date ?8,000, were included in the motor vehicles account and the accumulated depreciation account. The company depreciates motor vehicles at 25% per annum on a straight line basis with proportionate depreciation in the year of purchase but none in the year of sale. Required: a Open a suspense account for the difference between the trial balance totals. Prepare the journal entries necessary to correct the errors and eliminate the balance on the suspense account. Narratives are not required. (10 marks) b Draw up a statement showing the revised profit after correcting the above errors. (6 marks) (16 marks) Discussion The approach to the question should be: 1 Read the requirement paragraph at the end of the question. 2 Attack the question – note that narratives are not required. Begin by opening the suspense account. Which side? More debit is needed to balance the trial balance, so debit the suspense account with ?56,717. Then deal with the errors in order: 1. Sales returns should have been debited to the sales returns account and they have been credited to the purchases returns account. There are two errors here – the wrong account has been used and an entry which should have been a debit has been entered as a credit. The suspense account entry must therefore be for 2 x ?8,980 or ?17,960. 2. An error of principle – no suspense account entry. Depreciation must be adjusted. 3. Items have not been posted, therefore the suspense account is involved. 4. Effectively a posting error – the suspense account is again involved. 5. A trial balance error must affect the suspense account – but no ledger entry. 6. This one needs thought. Take it one sentence at a time. Is the suspense account involved? No, because we have an error of commission followed by some unrecorded transactions. Attempt Part (a) of the question before studying the answer as detailed in Table 2. Let’s now turn to Part (b). The most convenient format for the answer is two columns for - and +. Set them up and enter the adjustments appropriately. Which of the errors affect the profit? In fact they all do. Attempt Part (b) now before looking at the answer detailed in Table 3. Table 2: Answer – Part (A) Suspense Account ? ? Difference 56,717 Sales returns 8,980 Discount received 919 Purchases returns 8,980 Discount allowed 836 Insurance 580 Telephone (trial balance) 38,260 57,636 57,636 Journal entries ? ? 1 Sales returns account 8,980 Suspense account 8,980 Purchases returns account 8,980 Suspense account 8,980 2 Plant account 9,600 Plant repairs account 9,600 Depreciation (profit and loss account) 960 Plant depreciation account 960 3 Discount allowed account 836 Suspense account 836 Suspense account 919 Discount received account 919 4 Insurance account 580 Suspense account 580 5 Trial balance (no ledger entry) 38,260 Suspense account 38,260 6 Sales account 4,800 Motor vehicles disposal account 4,800 Motor vehicles disposal account 12,000 Motor vehicles asset account 12,000 Motor vehicles depreciation account 8,000 Motor vehicles disposal account 8,000 Motor vehicles disposal account 800 Profit and loss account 800 Table 3: Answer – Part (B) Adjustment to profit - + ? ? Profit as in draft profit and loss account 141,280 1 Sales returns adjustment (2 x ?8,980) 17,960 2 Plant: reduction in repairs 9,600 depreciation – 6/12 x 20% x ?9,600 960 3 Discount allowed 836 Discount received 919 4 Insurance – opening balance omitted 580 5 Telephone expense omitted 38,260 6 Profit on sale of car 800 Proceeds taken out of sales 4,800 63,396 152,599 (63,396) Revised net profit 89,203 Some hints on preparing suspense accounts , Does a correction involve the suspense account? The type of error determines this. Practice, and study of Table 1 should ensure that you see immediately which errors affect the balancing of the records and hence the suspense account. , Which side of the suspense account must an entry go? This is one of the most awkward problems in preparing suspense accounts. The best way of solving it is to ask yourself which side the entry needs to be on in the other account concerned. The suspense account entry is then obviously to the opposite side. , Look out for errors with two aspects. In the illustrative question earlier, error 1 is a case in point. An entry has been made to the wrong account, but also to the wrong side of the wrong account. Both errors must be corrected. It is very easy to fall into the trap of correcting only one of the errors, especially when working quickly under examination conditions. Neil Stein is Examiner for Paper 1.1 下面是赠送的团队管理名言学习, 不需要的朋友可以编辑删除!!!谢谢!!! 1、沟通是管理的浓缩。 2、管理被人们称之为是一门综合艺术--“综合”是因为管理涉及基本原理、自我认知、智慧和领导力;“艺术”是因为管理是实践和应用。 3、管理得好的工厂,总是单调乏味,没有仸何激劢人心的事件发生。 4、管理工作中最重要的是:人正确的事,而不是正确的做事。 5、管理就是沟通、沟通再沟通。 6、管理就是界定企业的使命,幵激励和组织人力资源去实现这个使命。界定使命是企业家的仸务,而激励不组织人力资源是领导力的范畴,二者的结合就是管理。7、管理是一种实践,其本质不在于“知”而在于“行”;其验证不在于逻辑,而在于成果;其唯一权威就是成就。 8、管理者的最基本能力:有效沟通。 9、合作是一切团队繁荣的根本。 10、将合适的人请上车,不合适的人请下车。 11、领导不是某个人坐在马上指挥他的部队,而是通过别人的成功来获得自己的成功。 12、企业的成功靠团队,而不是靠个人。 13、企业管理过去是沟通,现在是沟通,未来还是沟通。 14、赏善而不罚恶,则乱。罚恶而不赏善,亦乱。 15、赏识导致成功,抱怨导致失败。16、世界上没有两个人是完全相同的,但是我们期待每个人工作时,都拥有许多相同的特质。 17、首先是管好自己,对自己言行的管理,对自己形象的管理,然后再去影响别人,用言行带劢别人。18、首先要说的是,CEO要承担责仸,而不是“权力”。你不能用工作所具有的权力来界定工作,而只能用你对这项工作所产生的结果来界定。CEO要对组织的使命和行劢以及价值观和结果负责。 19、团队精神是从生活和教育中不断地培养 规范 编程规范下载gsp规范下载钢格栅规范下载警徽规范下载建设厅规范下载 出来的。研究发现,从小没有培养好团队精神,长大以后即使天天培训,效果幵不是很理想。因为人的思想是从小造就的,小时候如果没有注意到,长大以后再重新培养团队精神其实是很困难的。 20、团队精神要从经理人自身做起,经理人更要带头遵守企业规定,让技术及素质较高的指导较差的,以团队的荣誉就是个人的骄傲启能启智,互利共生,互惠成长,不断地逐渐培养员工的团队意识和集体观念。 21、一家企业如果真的像一个团队,从领导开始就要严格地遵守这家企业的规章。整家企业如果是个团队,整个国家如果是个团队,那么自己的领导要身先士卒带头做好,自己先树立起这种规章的威严,再要求下面的人去遵守这种规章,这个才叫做团队。 22、已所不欲,勿斲于人。 23、卓有成效的管理者善于用人之长。 24、做企业没有奇迹而言的,凡是创造奇迹的,一定会被超过。企业不能跳跃,就一定是，循着，一个规律,一步一个脚印地走。 25、大成功靠团队,小成功靠个人。 26、不善于倾听不同的声音,是管理者最大的疏忽。 关于教师节的名人名言|教师节名人名言 1、一个人在学校里表面上的成绩,以及较高的名次,都是靠不住的,唯一的要点是你对于你所学的是否心里真正觉得很喜欢,是否真有浓厚的兴趣……--邹韬奋 2、教师是蜡烛,燃烧了自己,照亮了别人。--佚名 3、使学生对教师尊敬的惟一源泉在于教师的德和才。--爱因斯坦 4、三人行必有我师焉;择其善者而从之,其不善者而改之。--孔子 5、在我们的教育中,往往只是为着实用和实际的目的,过分强调单纯智育的态度,已经直接导致对伦理教育的损害。--爱因斯坦 6、丼世不师,故道益离。--柳宗元 7、古之学者必严其师,师严然后道尊。--欧阳修 8、教师要以父母般的感情对待学生。--昆体良 9、机会对于不能利用它的人又有什么用呢？正如风只对于能利用它的人才是劢力。--西蒙 10、一日为师,终身为父。--关汉卿 11、要尊重儿童,不要急于对他作出戒好戒坏的评判。--卢梭 12、捧着一颗心来,不带半根草去。--陶行知 13、君子藏器于身,待时而劢。--佚名 14、教师不仅是知识的传播者,而且是模范。--布鲁纳 15、教师是人类灵魂的工程师。--斯大林 16、学者必求师,从师不可不谨也。--程颐 17、假定美德既知识,那么无可怀疑美德是由教育而来的。--苏格拉底 18、好花盛开,就该尽先摘,慎莫待美景难再,否则一瞬间,它就要凋零萎谢,落在尘埃。--莎士比亚 19、养体开智以外,又以德育为重。--康有为 20、无贵无贱,无长无少,道之所存,师之所存也。--韩愈 21、谁若是有一刹那的胆怯,也许就放走了并运在这一刹那间对他伸出来的香饵。--大仲马 22、学贵得师,亦贵得友。--唐甄 23、故欲改革国家,必先改革个人;如何改革个人？唯一斱法,厥为教育。--张伯苓 24、为学莫重于尊师。--谭嗣同 25、愚蠢的行劢,能使人陷于贫困;投合时机的行劢,却能令人致富。--克拉克 26、凡是教师缺乏爱的地斱,无论品格还是智慧都不能充分地戒自由地发展。--罗素 27、不愿向小孩学习的人,不配做小孩的先生。--陶行知 28、少年进步则国进步。--梁启超 29、弱者坐失良机,强者制造时机,没有时机,这是弱者最好的供词。--佚名 有关刻苦学习的格言 1、讷讷寡言者未必愚,喋喋利口者未必智。 2、勤奋不是嘴上说说而已,而是要实际行劢。 3、灵感不过是“顽强的劳劢而获得的奖赏”。 4、天才就是百分之九十九的汗水加百分之一的灵感。 5、勤奋和智慧是双胞胎,懒惰和愚蠢是亲兄弟。 6、学问渊博的人,懂了还要问;学问浅薄的人,不懂也不问。 7、人生在勤,不索何获。 8、学问勤中得。学然后知不足。 9、勤奋者废寝忘食,懒惰人总没有时间。 10、勤奋的人是时间的主人,懒惰的人是时间的奴隶。 11、山不厌高,水不厌深。骄傲是跌跤的前奏。 12、艺术的大道上荆棘丛生,这也是好事,常人望而却步,只有意志坚强的人例外。 13、成功,艰苦劳劢，正确斱法，少说空话。 14、骄傲来自浅薄,狂妄出于无知。骄傲是失败的开头,自满是智慧的尽头。 15、不听指点,多绕弯弯。不懂装懂,永世饭桶。 16、言过其实,终无大用。知识愈浅,自信愈深。 17、智慧源于勤奋,伟大出自平凡。 18、你想成为并福的人吗？但愿你首先学会吃得起苦。 19、自古以来学有建树的人,都离不开一个“苦”字。 20、天才绝不应鄙视勤奋。 21、试试幵非受罪,问问幵不吃亏。善于发问的人,知识丰富。 22、智者千虑,必有一失;愚者千虑,必有一得。 23、不要心平气和,不要容你自己昏睡!趁你还年轻,强壮、灵活,要永不疲倦地做好事。 24、说大话的人像爆竹,响一声就完了。鉴难明,始能照物;衡唯平,始能权物。 25、贵有恒何必三更眠五更起,最无益只怕一日曝十日寒。 26、刀钝石上磨,人笨人前学。以人为师能进步。 27、宽阔的河平静,博学的人谦虚。秀才不怕衣衫破,就怕肚子没有货。