Fac1502 study notes Study guides, Study notes & Summaries

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 ...

ANNEXURE A: MAY AND OCTOBER 2012 EXAMINATION Format and marking methodology The May and October 2012 examination papers will consist of four or five questions. All of these questions must be answered. No multiple choice or theoretical questions will be asked, but you must be able to apply the acquired theoretical knowledge in practical questions. Also take note that although Assignments 01 and 02 consist of multiple choice questions, the solutions provided show how to answer them if asked a...

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This document teaches financial accounting fundamentals and explains how to prepare the Statement of profit or loss and other comprehensive income; the Statement of changes in equity, and the Statement of financial position. It explains the accounting treatment and disclosure of non-current assets, current assets; non-current liabilities, and current liabilities, including the preparation of the financial statements of sole enterprises, and non-profit organizations.

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