Acca financial Accounting (FA) Study Text ac ca (FA)



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Sales revenue 

The sales revenue for an accounting period is included in the statement 

of profit or loss when the sales are made. This means that, when a sale 

is made on credit, it is recognised when the agreement is made and the 

invoice is sent to the customer rather than waiting until the cash for the 

sale is received. This is done by setting up a receivable in the statement 

of financial position for the amount of cash that is due from the sale 

(debit receivables and credit sales revenue). 



Purchases 

Similarly purchases are matched to the period in which they were made 

by accounting for all credit purchases when they took place and setting 

up a payable in the statement of financial position for the amount due 

(debit purchases and credit payables). 

Cost of sales 

The major cost involved in making sales in a period is the actual cost of 

the goods that are being sold. As we saw in a previous chapter, we need 

to adjust for opening and closing inventory to ensure that the sales 

made in the period are matched with the actual costs of those goods. 

Any goods unsold are carried forward to the next period so that they are 

accounted for when they are actually sold. 

Expenses 

The expenses of the period that the business has incurred in making its 

sales, such as rent, electricity and telephone, must also be matched with 

the sales for the period. This means that the actual expense incurred in 

the period should be included in the statement of profit or loss rather 

than simply the amount of the expense that has been paid in cash. 

 

 

 



 


 


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