ACCA考试《F3财务会计》辅导资料11
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Session 7 Accruals and prepayments
Main Contents：
1.Accrued and prepaid expenses
2.Accrued and prepaid income
3.Prepayments and accruals in the financial statements
7.1 Accrued and Prepaid expenses
● Accrual basis of accounting:
The accrual basis of accounting is to record the income and expense in the statement of income as they are earned/ incurred regardless of whether cash has been received/ paid.
● Accrued expenses
Accrual: an item of expenses that has been incurred during the accounting period but has not been paid at the period end.
Dr. Cr
Expense account xx
Accrual xx
Accruals are shown as Liability in the SFP.
● Prepaid expenses
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Prepayment: an item of expenses that has been paid during the current accounting period but will not be incurred until the next accounting period.
Dr Cr
Prepayment xx
Expense account xx
Prepayment are shown as Asset in the SFP.
7.2 Accrued and prepaid income
Some organizations also have sources of miscellaneous income which may also be received in advance or arrears.
Accrued income: income has been earned in the accounting period but has not yet been received.
Dr. Cr.
Accrued income xx
Income xx
Accrued income is an asset item in the SFP statement.
Prepaid income: income has been received in the accounting period but which relates to the next accounting period.
Dr. Cr.
Income xx
Prepaid income xx
Prepaid income is aliability item in the SFP statement.
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7.3 Prepayments and accruals in the financial statements
The statement of financial position ( B/S)
ASSETS CAPITAL AND LIABILITIES
Currents Current liabilities
Inventories Payables
Receivables Accruals
Prepayments Prepaid income
Accrued income
Cash at bank
Cash in hand
The income statement:
Accruals or prepayments of income and expenditure are included within the normal income/ expense charges in the I.S.
Example:
Electricity paid during the year is $14,000.There was an opening accrual b/f of $500.A bill for the quarter ended 31 Jan 20x7 was $900.What is the electricity charge in the income statement for the year ended 31 December 20x6?
A.$14,000
B.$14,100
C.$13,900
D.$14,400
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Answer B.
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