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Lecture notes AcF 211 (AC.F111)

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  • Course
  • AcF 211 (AC.F111)
  • Institution
  • Lancaster University (LU)

provides detailed and easy explanation of double entry bookkeeping, credit note, debit note, purpose and use of ledger's book and book of prime entry with clear cut examples to better understand a bit confusing topic.

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Document information

  • October 17, 2024
  • 4
  • 2024/2025
  • Class notes
  • Argyro panaretou
  • All classes

Subjects

  • double entry bookkeeping
  • ledgers book
  • credit note
  • debit note
  • book of prime entry
  • capital expenditure vs revenue expenditure

Written for

  • Lancaster University (LU)
  • Unknown
  • AcF 211 (AC.F111)
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Content preview

AC. F111 = Financial
accounting Topic 1 (week 1):
Users and conceptual
framework

Why do we need accounting standards?


 It is required to guide firms on how to account for transactions.
 International finance reporting standards (IFRS) is used by listed companies in over
140+ countries, included the UK.
 International accounting standard board (IASB) is responsible to create the reporting
standards.


Conceptual framework for financial reporting (2018):


 This framework provides objectives and concepts for financial statements.
 IASB uses this framework to create IFRS
 It helps assist all parties to understand and interpret the accounting standards.




Accounting concepts (i.e. principles)


 Accruals:


 Allocate expenses to the period they were used and allocates revenue to
the period it was earned.

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