Financial Accounting 1 (ACCN1010)

IAS 2 - Inventory provides a deep understanding of how inventory is measured and recorded in the financial statements. This document will explain which costs are included in inventory and how to record these costs. Journal entries are provided for a better understanding. Calculating and recording stock losses on the different purchasing methods are provided. Weighted Average and FIFO are also discussed in detail.

This document clearly illustrates the different natures of business activities, being the service and retail entities. Multiple journal entry examples are given to help understand how purchasing and selling take place on the periodic and perpetual inventory systems. Journal entries including VAT and discounts are also included

This document summarises the purpose and objective of IAS 1. The General features of financial reports are discussed, along with examples of the different statements and what they would look like.

The VAT basics document explains the VAT process simply as well as discusses which goods are VAT-exempt, zero-rated, and when VAT is not charged.

The Accounting Equation is a fundamental concept of accounting.

This document further elaborates on the Conceptual framework, more specifically the elements of the CF and when they are recognised or derecognised in the financial statements.

The Conceptual Framework sets the foundation for the International Financial Reporting Standards (IFRS). This document provides in-depth and concise information on the purpose and objective of financial reporting. The document summarises the qualitative and enhancing characteristics of useful financial information easily and understandably.

An Intro to FinAcc 1 summarizes the basic and key concepts discussed in the first year of studying Financial Accounting. The summary covers the different types of business entities, ownership as well as decision-making.