Fac1502 study notes Study guides, Study notes & Summaries

Introduction and overview of the module ......................................................... ii LEARNING UNIT 1 Introduction to the preparation of financial statements .......................... 1 LEARNING UNIT 2 Financial statements of a sole proprietorship ........................................ 24 LEARNING UNIT 3 Establishment and financial statements of a partnership ...................... 46 LEARNING UNIT 4 Changes in the ownership structure of partnerships ..............

FAC1502 SUMMARY STUDY NOTES. This is an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures. FINANCIAL PERFORMANCE AND THE EFFECT ON EQUITY The equations: Profit = I –E OE = C + (I-E) –D The Elements of the equation Income  Inflow of economic benefits (not from the owner)  Increase in assets or decrease in liabilities – THEREFORE Expenses  Outflow of economic benefits (not to the owner)  Decrease in assets or increase in liabili...

A summary of important study Notes - Definitions, Short Questions, and Long questions and lecturer's test/exam tips and examples. ​The notes are organised, structured and easy to understand.

FAC_1502 Course Notes. STUDY UNIT 1 The Conceptual Framework for Financial Reporting What is the Framework?  Sets out the objectives & concepts  Provides a theoretical background or general frame of reference Purpose of the Framework:  Assist standard setting bodies;  Assist preparation of financial statements;  Assist auditors;  Assist other users of financial statements. The Conceptual Framework for Financial Reporting The Objective of general purpose f...

A summary of important study Notes - Definitions, Short Questions, and Long questions and lecturer's test/exam tips and examples. ​The notes are organised, structured and easy to understand.

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...

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 ...

FAC1502 SUMMARY NOTES. This is a complete and an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures The Conceptual Framework for Financial Reporting What is the Framework?  Sets out the objectives & concepts  Provides a theoretical background or general frame of reference Purpose of the Framework:  Assist standard setting bodies;  Assist preparation of financial statements;  Assist auditors;  Assist other users of financial statem...

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...

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.