Fac1502 study notes - Study guides, Study notes & Summaries

FAC1502 SUMMARY STUDY NOTES. This is an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures. FINANCIAL PERFORMANCE AND THE EFFECT ON EQUITY The equations: Profit = I –E OE = C + (I-E) –D The Elements of the equation Income  Inflow of economic benefits (not from the owner)  Increase in assets or decrease in liabilities – THEREFORE Expenses  Outflow of economic benefits (not to the owner)  Decrease in assets or increase in liabili...

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 ..............

FAC1502 summarized notes for exam preparation. Whatsapp 067 171 1739 for assistance. All the best on your exams!!

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...

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 ...

FAC1502 Summary Study Notes. This is a complete and an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures 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 of the entity. Assets can be classified as non-c...

FAC 1502 Study Notes Unit 2 – The financial Position 2.4 Net asset value (2.3) 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 of the entity. Assets can be classified a...

A summary of important study Notes - Definitions, Short Questions, and Long questions and lecturer's test/exam tips and examples. ​The notes are organised, structured and easy to understand.

A summary of important study Notes - Definitions, Short Questions, and Long questions and lecturer's test/exam tips and examples. ​The notes are organised, structured and easy to understand.

FAC1502 SUMMARY NOTES. This is a complete and an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures 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 statem...