University of the Witwatersrand (WITS)

This document provides an in-depth explanation of owner's equity, non-current liabilities, and companies. The different types of shares are discussed along with their journal entries. The issuing of debentures are also illustrated with journal entries.

This document continues the summary of PPE (IAS 16). This summary explains in depth, subsequent measurement. The Cost model and the revaluation model are explained with their formulas and examples. Revaluation increases and decreases as well as impairments are explained. Journal entries are provided and multiple examples can be found in this document.

Property Plant and Equipment is a large section in FinAcc 1, however, this document is an excellent summary of all the important elements of IAS 16. The definition, nature, and classification of PPE is explained simply in this document. Recognition criteria, measurement, and subsequent measurement are explained. Asset Disposal is explained in detail with examples and calculations shown. Depreciation, Impairments, and recoverable amounts are explained and calculations are also shown.

Trade and Other Receivables summarises selling on credit and how to recognise these transactions in the accounting records. This document explains the definition, classification, and recognition criteria of trade and other receivables according to the Conceptual Framework. Credit Losses, Credit Allowances, and Expected Credit loss allowances are also illustrated. Examples are also included.

Trade and Other Payables (IAS 32) summarises buying on credit and how to recognise these transactions in the accounting records. This document explains the definition, classification, and recognition criteria of trade and other payables.

This summary discusses IAS 7 (Cash and Cash equivalents). Bank Recon is discussed as well as what comprises cash and cash equivalents. How to prevent fraud as well as internal controls that can be implemented.

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.