Fac1502 course notes Study guides, Study notes & Summaries

This exam pack contains • Exam question papers • Memorandums • Summary of the course material • This Exam Pack contains • Exam question papers • Memorandums • Summary of the course material • Additional notes. FAC1502 EXAM PACK 2024

Introduction and overview of the module ......................................................... ii LEARNING UNIT 1 Introduction to the preparation of financial statements .......................... 1 LEARNING UNIT 2 Financial statements of a sole proprietorship ........................................ 24 LEARNING UNIT 3 Establishment and financial statements of a partnership ...................... 46 LEARNING UNIT 4 Changes in the ownership structure of partnerships ..............

FAC_1502 Course Notes. STUDY UNIT 1 The Conceptual Framework for Financial Reporting What is the Framework?  Sets out the objectives & concepts  Provides a theoretical background or general frame of reference Purpose of the Framework:  Assist standard setting bodies;  Assist preparation of financial statements;  Assist auditors;  Assist other users of financial statements. The Conceptual Framework for Financial Reporting The Objective of general purpose f...

This exam pack contains • Exam question papers • Memorandums • Summary of the course material • This Exam Pack contains • Exam question papers • Memorandums • Summary of the course material • Additional notes. FAC1502 EXAM PACK 2024

This exam pack contains • Exam question papers • Memorandums • Summary of the course material • This Exam Pack contains • Exam question papers • Memorandums • Summary of the course material • Additional notes. FAC1502 EXAM PACK 2024

FAC1502 Financial Accounting SUMMARY NOTES Revision course 2017 S1. The Conceptual Framework for Financial Reporting Elements: Recognition Criteria  First meet the definition of one of the elements!  Then 2 recognition criteria: 1. Is PROBABLE that any FUTURE ECONOMIC BENEFITS will flow 2. COST OR VALUE that can be MEASURED with RELIABILITY 5 Study unit 2 FAC1502 © Edge Business School STUDY UNIT 2 FINANCIAL POSITION The equations: A = OE + L OE = A - L The Elements of the ...

FAC1502 Study Summary Notes. This is a complete guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures. ASSETS – LIABILITIES = NET ASSET VALUE EQUITY = NET ASSET VALUE Assets: Defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Item can be classified as an asset only if it has been acquired by the entity as a result of past events. Assets are therefore the possessions ...