Unit 8 fac1502 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...

FAC1502 Study unit 5 2022 as per My Modules FAC1502 Study unit 5 2022 as per My Modules lOMoARcPSD| Financial Accounting 1: Financial Accounting Concepts, Principles and Procedures COLLECTING AND PROCESSING THE ACCOUNTING DATA OF ENTITIES PART B FAC1502 lOMoARcPSD| 2 TOPIC B COLLECTING AND PROCESSING THE ACCOUNTING DATA OF ENTITIES Learning outcome You should be able to collect, to process, to adjust (where necessary) and to record financial information in order to complete the...

FAC1502 Financial Accounting.Revision_course_2017.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 financial reporting: 2010 Framework Objective Th...

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 ...

FAC1502 - Financial Accounting Principles, Concepts And Procedures_Revision_course_2017_S1. STUDY UNIT 2 FINANCIAL POSITION The equations: A = OE + L OE = A - L The Elements of the equation Assets  Resource  Controlled by the entity (owner)  Past event  Future economic benefits Liabilities  Present obligation  Past event  Outflow of economic benefits Equity (Owner’s)  A – L 6 Study unit 2 FAC1502 © Edge Business School ASSETS: Non-current asset...

FAC1502 SUMMARY 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 financial r...

FAC1502 UNIT 8 NOTES