Fac1502 notes Study guides, Study notes & Summaries
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FAC1502 Summary Study Notes
- Summary • 51 pages • 2022
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- R66,57
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FAC1502 Summary Study Notes. This is a complete and an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures 
Assets: 
Defined as a resource controlled by the entity as a result of past events and from which future 
economic benefits are expected to flow to the entity. 
Item can be classified as an asset only if it has been acquired by the entity as a result of past events. 
Assets are therefore the possessions of the entity. 
Assets can be classified as non-c...
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FAC1502 Study Summary Notes (Latest 2022)
- Summary • 51 pages • 2022
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- R62,76
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FAC1502 Study Summary Notes. 
This is a complete guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures. 
ASSETS – LIABILITIES = NET ASSET VALUE 
EQUITY = NET ASSET VALUE 
Assets: 
Defined as a resource controlled by the entity as a result of past events and from which future 
economic benefits are expected to flow to the entity. 
Item can be classified as an asset only if it has been acquired by the entity as a result of past events. 
Assets are therefore the possessions ...
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FAC1502 Financial Accounting SUMMARY NOTES Revision course 2017 S1
- Summary • 157 pages • 2022
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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 ...
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FAC1502 Financial Accounting SUMMARY NOTES & EXAM PACK.
- Package deal • 2 items • 2022
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- R104,41
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FAC1502 Financial Accounting SUMMARY NOTES & EXAM PACK.
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FAC1502 - Financial Accounting Principles, Concepts And Procedures EXAM PACK.
- Exam (elaborations) • 119 pages • 2022
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- R60,86
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FAC1502 - Financial Accounting Principles, Concepts And Procedures EXAM PACK. QUESTION 1 SOLUTION 
DR P HEAL 
CASH RECEIPTS JOURNAL (CRJ) 
Doc 
Number 
Date 
MARETT 
Details BANK Debtors 
Control 
Fees 
earned 
VAT 
Output 
VAT 
Input 
SUNDRIES 
Amount Details 
450 1 K. Kelly 275 275 
451 1 J. Jail 1710 1500 210 
452 9 Y. Old 383 440 (7) (50) Settlement 
453&491 12 Deposit 9120 8000 1120 
Discount 
allowed 
11488 715 9500 1330 (7) (50) 
HINTS 
a) Whenever you sell a good or offer a service, you ...
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FAC1502 NOTES PREPARATION 2020/2021 QUESTIONS WITH ANSWERS
- Exam (elaborations) • 130 pages • 2022
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- R202,36
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FAC1502 NOTES 
 PREPARATION 2020/2021 
QUESTIONS WITH ANSWERS
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Summary - Financial accounting (FAC1502) Unit 2
- Summary • 3 pages • 2024
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- R85,33
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Embark on a strategic journey through the financial landscape with this dynamic unit, designed to provide succinct yet impactful insights into your organization's fiscal standing.
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fac1502 SUMMARY NOTES 2022
- Other • 157 pages • 2022
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- R104,41
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The Conceptual Framework for Financial Reporting 
Elements: Definition 
FINANCIAL POSITION: 
ASSETS = EQUITY + LIABILITIES 
– This is a measure of financial POSITION at a specific date. 
FINANCIAL PERFORMANCE: 
INCOME – EXPENSES = PROFIT 
– This is a measure of financial PERFORMANCE over a period. 
FINANCIAL POSITION 
• Asset: 
– Resource controlled by entity; 
– Resulting from past event; 
– Expected inflow of future 
economic benefits 
• Liability:...
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FAC1601 : FINANCIAL ACCOUNTING REPORTING 1 (MODULE 2)
- Exam (elaborations) • 68 pages • 2022
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- R123,43
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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...