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Accounting Basics 101 - The ABCs of Accounting
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This is a fully comprehensive tutorial lesson presented in powerpoint in the form of a full set of notes and audios on each slide - The lecture covers the following topics: 1. What is the purpose of accounting? 2. What are the elements of financial statements ( Assets, Equity,Li...

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  • April 17, 2023
  • 24
  • 2013/2014
  • Presentation
  • Unknown

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FAC – Tutorial 1
Mrs Wings

,WHAT IS THE PURPOSE OF ACCOUNTING?

 To measure the financial performance of the entity (profits or losses).
 To measure the financial position of the entity (value of assets, equity, and
liabilities ).
 To measure the cash flow position of the entity ( cash flow statement)

, ELEMENTS OF FINANCIAL STATEMENTS


ASSETS
 Asset definition
 -Resource
 -Controlled by the entity
 -that is expected to result in future economic benefits flowing to the entity.
There are two types of assets
 Non current assets
 Current assets

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