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  • University Of South Africa (Unisa)
  • FAC1501 - Introductory Financial Accounting (FAC1501)
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Accounting Basics 101 - The ABCs of Accounting

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24 pages
2013/2014 Written for academic year
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University Of South Africa (Unisa)
Course
FAC1501 - Introductory Financial Accounting (FAC1501)
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This is a fully comprehensive tutorial lesson presented in powerpoint in the form of a full set of notes and audios on each slide - The lecture covers the following topics: 1. What is the purpose of accounting? 2. What are the elements of financial statements ( Assets, Equity,Liabilities, Income & Expenses) 3. Types of assets, liabilities, income and expenses 4. What are the steps in accounting (e.g Step 1 is source documents, step 5 is Preparation of financial statements. 5. Principle of double entry system ( Debit & Credit )

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FAC – Tutorial 1
Mrs Wings

,WHAT IS THE PURPOSE OF ACCOUNTING?

 To measure the financial performance of the entity (profits or losses).
 To measure the financial position of the entity (value of assets, equity, and
liabilities ).
 To measure the cash flow position of the entity ( cash flow statement)

, ELEMENTS OF FINANCIAL STATEMENTS


ASSETS
 Asset definition
 -Resource
 -Controlled by the entity
 -that is expected to result in future economic benefits flowing to the entity.
There are two types of assets
 Non current assets
 Current assets

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April 17, 2023
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