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

5 Suspense 

accounts 

 

(a)  Understand the purpose of a suspense account.

[k]

 16 

(b)  Identify errors leading to the creation of a suspense 

account.

[k]

 

16 

(c)  Record entries in a suspense account.

[s]

 16 

(d)  Make journal entries to clear a suspense account.

[s]

 16 

F 

PREPARING BASIC FINANCIAL STATEMENTS 

 

1 

Statements of financial position 

 

(a)  Recognise how the accounting equation, accounting 

treatments (as stipulated within sections D, E and 

examinable documents) and business entity convention 

underlie the statement of financial position.

[k]

 

3, 17 

(b)  Understand the nature of reserves.

[k]

 

 

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