2021
FAC1501
EXAM NOTES
SUMMARY
2021 OCT/NOV PREP NOTES
, Drawings Assets x
e penses Capital Income Liabilities
- Drawings - Capital
- Assets - Income
- Expenses - Liabilities
Dt (Increases) Cr (Increases)
Cr (decreases) Dt (decreases)
Financial Accounting
Financial accounting is a specialized branch of accounting that keeps track of a
company's financial transactions. Using standardized guidelines, the transactions are
recorded, summarized, and presented in a financial report or financial statement such as
an income statement or a balance sheet.
International Financial Reporting Standards (IFRS) are a set of accounting standards
developed by the International Accounting Standards Board (IASB) that is becoming the
global standard for the preparation of public company financial statements
FAC1501
EXAM NOTES
SUMMARY
2021 OCT/NOV PREP NOTES
, Drawings Assets x
e penses Capital Income Liabilities
- Drawings - Capital
- Assets - Income
- Expenses - Liabilities
Dt (Increases) Cr (Increases)
Cr (decreases) Dt (decreases)
Financial Accounting
Financial accounting is a specialized branch of accounting that keeps track of a
company's financial transactions. Using standardized guidelines, the transactions are
recorded, summarized, and presented in a financial report or financial statement such as
an income statement or a balance sheet.
International Financial Reporting Standards (IFRS) are a set of accounting standards
developed by the International Accounting Standards Board (IASB) that is becoming the
global standard for the preparation of public company financial statements
