Accounting

The following notes include theory concepts relating to debtors and creditors reconciliations. Unfortunately I learnt bank reconciliations with cheques, which are no longer valid, so i am currently unable to provide notes relating to those. These notes include: Debtors: internal control, errors which may occur and how to fix them in a recon, debtor's age analysis, ways in which debtors can be charged. Creditors: Internal control, reasons why the statement and ledger might differ, Errors whic...

The following notes contain theory concepts relating to budgeting. This includes: Budget period Budget classification Budget preparation Reasons for budgeting Projected income statement format Analysis, interpretation and comparison of projected income statement Cash budget Debtor's collection schedule Creditor's payment schedule Cash budget format Analysis, interpretation and comparison of the cash budget Ethical challenges of budgeting Risks associated with budgeting Internal c...

The following notes contain theory concepts dealt with in VAT. This includes: VAT registration Standard rate items, zero rated items, exempt items Input tax Output tax VAT payable to SARS Tax periods Submission of VAT returns and VAT payments Accounting basis: Invoice basis, Payment basis Transactions that give rise to VAT and how to deal with them Transactions that give rise to VAT adjustments and how to deal with them

The following notes relate to theory concepts of inventory systems. This includes: Perpetual inventory system Periodic inventory system Calculating cost of sales Differences between periodic and perpetual inventory systems Validation of stock Net realisable value(NRV) Stock cost calculations *First-in-first-out (FIFO) *Weighted average *Specific identification The effect of weighted average and FIFO on inventory systems Inventories note format

These notes relates to theory concepts of fixed assets. This includes: Types of fixed assets Uses of fixed assets Purchases of fixed assets Internal auditing of fixed assets Internal control of fixed assets Lifespan of fixed assets Fixed asset note format

These note provide an in depth explanation of the financial statements of a company. They contain the formats along with relevant notes to aid you when trying to understand and learn the Financial Statements of a company. Also contained in these notes is the blank formats of the Financial Statements which will be useful when trying to memorize the formats of the financial statements as well as when completing revision activities relating to the financial statements of a company.

These notes include the format of the cash flow statement and its relevant notes with extra information of what each line item means as well as how to go about completing your cash flow statement correctly. These are small hints and notes which I learned off by heart in order to always get 80%+ when completing cash flow statements. Also included is the blank format of the cash flow statement to use for practicing whether you remember the cash flow statement format or to use when doing revisio...

Auditing: notes relating to types of auditors, audit reports, the 3 types of audit reports, audit samples, duties of the audit committee, GAAP and IFRS

Financial Accounting of Companies: concepts relating to companies, types of companies, differences between private and public companies, the board and its roles, management, the AGM, social and ethics committee and shareholders.