Summary
Summary Statement of Financial Position
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Chapter 2 Summary, for FRK111 and FRK133 , the summary discusses the duality concept and statement of financial position.
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History of accounting
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CHAPTER 2STUDY NOTES
, Financial Position as Reflected in
the Statement of financial
Position.
The Duality Concept
→ Framework for the accountability of funds
Employment of funds = Generated funds
Debit (Dr) Credit (Cr)
→ Basic Accounting Equation
Assets = Equity + Liabilities
Debit (Dr) Credit (Cr)
Elements included in Statement of Financial Position
In conceptual framework for Financial Reporting (March 2018)
Definition and Recognition Criteria
A=E+L
ASSETS EQUITY LIABILITIES
Definition Direct Influences Definition
→ Present economic → Positive: Funds → Current Obligation
resource contributed by the → To transfer economic
→ Controlled by owner. resources
entity. → Negative: Funds → Resulting from past
→ As a result of past withdrawn by the owner. events
events Indirect Influences Recognition
Recognition → Profit/ loss of the entity → Relevance
→ Relevance activities of the entity → Faithful Representation
→ Faithful which increases/
Representation decrease the equity.
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