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Summary VAT, PURCHASES AND SALES, IAS 1 + IAS2
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  • Course
  • Accounting (ACCN1010)
  • Institution
  • University Of The Witwatersrand (wits)
  • Book
  • Concepts-Based Introduction to Financial Accounting

DISTINCTION STUDENT These notes are a comprehensive summary of in class notes and all other relevent information regarding VAT, PURCHASES AND SALES, IAS 1 +IAS2 to ensure your academic success

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Document information

  • No
  • Vat purchases and sales ias1 and ias2
  • May 31, 2023
  • 36
  • 2022/2023
  • Summary

Subjects

  • vat
  • purchases and sales
  • inventory
  • fifo
  • weighted average
  • cost
  • ias 2
  • ias2
  • ias1
  • ias 1
  • stock valuation
  • periodic
  • perpetual

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  • University of the Witwatersrand (wits)
  • Accounting (ACCN1010)
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VAT, PURCHASES
AND SALES, IAS 1 +
IAS2
ACCN 1010/1006




STUDY NOTES
FIRST YEAR FINANCIAL
ACCOUNTING

, The accounting equation:

Transaction:
• Economic events which have an impact on the financial position of the entity
• They are characterized:
o External
• Usually between 2 or more parties
o Internal
• Between the business and itself

Business is funded from 2 sources:
• Owners funds (investors) = owners equity
• Borrowed funds (Lenders) = liabilities

Funds used to buy assets
Owners’ funds and borrowed funds represent claims on assets

, Elements of financial statements:


Equity:
• OE is affected by 4 types of transactions: (THESE ARE THE 4 ELEMENTS OF OE)
o Investment of Capital by owners(contributions)
o Earning of income
o Incurred of expenses
o Distribution of funds to owners

, THESE INCLUDE HOW TO APPROACH ALL FUTURE QUESTIONS TILL IS1

STEPS:
• ALWAYS SHOW THE NAME OF THE REPORTING ENTITY
• NAME OF THE STATEMENT
• PERIOD IT IS COVERING
• CURRENCY AND ANY FORM OF ROUNDING
• CORRECT FORMAT

The accounting process:




NB THAT EVERY ENTRY HAS A CONTRA (DOUBLE ENTRY PRINCIPLE)

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