ACCT1501 Chapter Notes - Chapter 1: Financial Statement Analysis, Accounting Information System, Financial Statement

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15 May 2018
Q1: Accounts Receivable (10m)
Q2: Inventory (8m)
Q3: Accounting Cycle (14m)
Q4: Financial reporting principles, accounting standards and auditing (8m) (theory)
Q5: Management Accounting (12m)
- Cost of goods manufactured- layout
- CVP analysis- calculations
Q6: MC (48m- 1.5)
Chapter 1: Introduction to financial accounting
o Describe the basic purpose of financial accounting
o Identify the users of accounting information and the decisions they make that require accounting
o Identify the people who are involved in financial accounting
o Describe how accrual accounting differs from cash accounting
o Calculate accrual profit for an organisation
o Explain the basic contents for the three key financial statements and describe the purpose of each
o Describe the basic principles and assumptions of accounting
o Explain why accounting is important
Chapter 2: Measuring and evaluating financial position and financial performance
o describe the contents of a balance sheet
o carry out preliminary analysis based on contents of a balance sheet
o determine what business activities result in changes in a balance sheet
o determine whether an item should be included as an asset or a liability in the balance sheet
o show how specific activities affect each item in the balance sheet
o prepare a balance sheet
o determine the effect of transactions on revenue and expenses
o prepare an income statement
o explain the nature of each of the items in the balance sheet and income statement for a public
o describe the contents of the note reconciling opening and closing retained profits
o explain the importance of both financial statements to managers
Chapter 3: Double-entry system
o carry out transaction analysis and determine the impact of transactions on elements of balance
sheets and income statements
o describe how debits and credits work in the double-entry accounting system
o record transactions using debits and credits
o prepare journal entries
o determine the balance of an account after a series of transactions
o describe the normal balance for the following types of accounts: assets, liabilities, equity, revenues
and expenses
o explain why financial accounting has become more sophisticated over the centuries
Chapter 4: Record-keeping
o describe the importance of good record-keeping
o describe the criteria used to determine if an event involves an accounting transaction
o identify accounting transactions
o explain the various steps in the accounting cycle
o describe what source documents exist and how they provide data for the accounting system
o prepare journal entries
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