FAC1502 Financial Accounting (FAC1502)

. Mr J James is the owener of an enterprise trading as James Traders. At 31 May 2003 the enterprise had the following assets and liabilities: R Delivery vehicle 140 000 Inventory 30 000 Bank (overdraft) 10 000 Creditors 120 000 Debtors 100 000 Accumulated depreciation: vehicles 20 000 Provision for bad debts 5000 Which one of the following amounts reflects the owner’s equity of James Traders at 31 May 2003? A R115 000 B R125 000 C R140 000 D R160 000 2. Capital Limited, who’s ...

FAC1502-Financial Accounting Assignment 1 Semester 1 2022. 1. 4 Accounting is therefore a process consisting of the following three activities:  Identifying those events that are evidence of economic activity (transactions) relevant to the particular business or entity  Recording the monetary value of the economic events (transactions) in order to provide a permanent history of the financial activities of a business. Recording involves keeping a chronological diary of measured events...

FAC1502 Financial Accounting SUMMARY NOTES Revision course 2017 S1. The Conceptual Framework for Financial Reporting Elements: Recognition Criteria  First meet the definition of one of the elements!  Then 2 recognition criteria: 1. Is PROBABLE that any FUTURE ECONOMIC BENEFITS will flow 2. COST OR VALUE that can be MEASURED with RELIABILITY 5 Study unit 2 FAC1502 © Edge Business School STUDY UNIT 2 FINANCIAL POSITION The equations: A = OE + L OE = A - L The Elements of the ...