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  • FRK 111 (FRK111)
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Summary

Summary Statement of Financial Position

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11 pages
2020/2021 Written for academic year
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University Of Pretoria (UP)
Course
FRK 111 (FRK111)
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Chapter 2 Summary, for FRK111 and FRK133 , the summary discusses the duality concept and statement of financial position.

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CHAPTER 2
STUDY NOTES

, Financial Position as Reflected in
the Statement of financial
Position.
The Duality Concept
→ Framework for the accountability of funds


Employment of funds = Generated funds
Debit (Dr) Credit (Cr)

→ Basic Accounting Equation

Assets = Equity + Liabilities
Debit (Dr) Credit (Cr)




Elements included in Statement of Financial Position

In conceptual framework for Financial Reporting (March 2018)
Definition and Recognition Criteria
A=E+L


ASSETS EQUITY LIABILITIES
Definition Direct Influences Definition
→ Present economic → Positive: Funds → Current Obligation
resource contributed by the → To transfer economic
→ Controlled by owner. resources
entity. → Negative: Funds → Resulting from past
→ As a result of past withdrawn by the owner. events
events Indirect Influences Recognition
Recognition → Profit/ loss of the entity → Relevance
→ Relevance activities of the entity → Faithful Representation
→ Faithful which increases/
Representation decrease the equity.
Connected book
image
Bezuidenhout An Introduction to the Understanding of Accounting - Workbook
Publisher: 2018 ISBN: 9781928481157 Edition: Unknown

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Summarized whole book?
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Which chapters are summarized?
Chapter 2
Uploaded on
March 23, 2021
Number of pages
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Summary
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Subjects

  • duality concept
  • sofp
  • statement
  • accounting
  • frk111
  • frk133
  • statement of financial position

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