Introduction to Financial accounting (LUBS1915)

Notes compressed from lengthy sentences (from revision books) into short sentences to help revision. It includes examples and answers from each subtopics.

Introduction to Financial accounting and the preparation of the Financial Statements that a business must produce. It also introduces the basic accounting principles that Accountants use daily.

This gives a basic overview of company finance and issuing shares, it also looks into the SOFP, IS, and SOCIE. Examples of how the statements should look are given.

This document gives all the equations needed to interpret the statements and also gives a brief description of what each equation means.

Introduces the basic Accounting equation that is used in the accounts. It describes parts of the accounts which make up the Statement of Financial Position and the Income Statement.

A guide into how to make entries for assets, liabilities, capital, income, and expenses within the financial accounts. it also briefly looks into VAT and how to account for it.

This looks into what inventory is, how is it valued in stock and it also differentiates between markups and margins with a brief example.

This document describes what a non-current asset is and also introduces depreciation. It also explains the two methods of depreciation.

This looks into the accounts and what carried forward and brought forward mean. it also introduces what errors could be made in a trial balance.