FAC1502 - Financial Accounting Principles, Concepts and Proc

FAC1502 - Financial Accounting Principles, Concepts and Procedures

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Course curriculum

1. Introduction, Guidance and Overview
1. Before we start...
2. What does 'Bookkeeping' involve? (INFOGRAPHIC)
3. Handout: SU1 - Notes (PDF)
4. Lecture 1: What is Accounting all about?
5. Lecture 2: Reporting Results to Users, for Individuals and Businesses
6. Lecture 3: What types of Businesses need Accounting?
7. Lecture 4: Who are the Users of Financial Information?
8. Lecture 5: Important Background to Financial Statements
9. Lecture 6A: The Conceptual Framework Basics (INFOGRAPHIC)
10. Lecture 6B: The Conceptual Framework
11. Lecture 7: The Going Concern Basis
12. Lecture 8: The Financial Statements
13. Lecture 9: Format of Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position
14. Lecture 10: Introduction to the Elements of the Financial Statements
15. Lecture 11: What is the purpose of FinAcc 1A?
16. Lecture 12: How should I study for FinAcc 1A and what's in it?
1. Handout: SU2 - Financial Position Notes (PDF)
2. Handout: SU2 - Format of Financial Position (PDF)
3. What do the users need to know about your Financial Position?
4. Lecture 1: A Basic Business Example (INFOGRAPHIC)
5. Lecture 2: The Types of Financial Information that must be Included
6. The Basic Accounting Equation
7. Lecture 3: Working out how much belongs to the Owners of the Business
8. The Elements of the Statement of Financial Position
9. Lecture 4: Assets (INFOGRAPHIC)
10. Lecture 5: Liabilities (INFOGRAPHIC)
11. Lecture 6: Current and Non-Current
12. Lecture 7: The Double-entry System (INFOGRAPHIC)
13. Lecture 8: Separate Legal Entities (READ)
14. Lecture 9: Accounting Periods (READ)
15. Handout: Tutorial Question-Statement of Financial Positions-Storms for Africa Question (PDF)
16. Lecture 10: Feedback on Storms for Africa Example
17. Handout: Tutorial Solution - Statement of Financial Position-Storms for Africa (PDF)
18. Class Example - Thunder (Pty)Ltd
19. Handout: Class Example 2 - Thunder (Question and Solution) (PDF)
1. Handout: SU3 - Financial Performance Notes (PDF)
2. Handout: Format of Statement of Profit & Loss (PDF)
3. What do the users need to know about your Financial Performance?
4. Lecture 1: A Basic Business Example of Financial Performance (INFOGRAPHIC)
5. Lecture 2: The Types of Financial Information that must be Included
6. The Elements of the Statement of Profit or Loss and other Comprehensive Income
7. Lecture 3: Profit = Income - Expenses
8. Lecture 4: Examples of Income and Expenses (READ)
9. Lecture 5: Relationship between Performance and Position?
10. Lecture 6: Income and Expenses: Differentiating between Ordinary Activities and Other Gains or Losses (INFOGRAPHIC)
11. The Statement of Changes in Equity and Notes to the Financial Statements
12. Lecture 7: Statement of Changes in Equity (READ)
13. Lecture 8: Notes to the Financial Statements (READ)
1. Intro to the double-entry system
2. Handout: SU4 -The Double-Entry System and the Accounting Process Notes (PDF)
3. The Double-entry system
4. Handout: Class example - Tim's Garden Services - Double Entry System (PDF)
5. Lecture 1: The Double-Entry System (INFOGRAPHIC)
6. Lecture 2: Tim's Garden Services: First few transactions
7. Lecture 3: Tim's Garden Services: Completed Solution
8. The General Ledger: Debits and Credits
9. Handout: Class example - Tim's Garden Services - General Ledger (PDF)
10. Lecture 4: Recording and Summarising the Transactions
11. Lecture 5: Debits and Credits
12. Lecture 6: Debits and Credits (INFOGRAPHIC)
13. Lecture 7: Multiple Transactions in the General Ledger
14. Lecture 8: Closing off the General Ledger Accounts
15. Lecture 9: Tim's Garden Services (General Ledger): First few examples of the GL question
16. Lecture 10: Tim's Garden Services (General Ledger)- Complete solution
17. The Trial Balance
18. Handout: Class example - Tim's Garden Services - Trial Balance (PDF)
19. Lecture 11: What is the Trial Balance?
20. Lecture 12: Tim's Garden Services - Trial Balance
21. The Annual Financial Statements
22. Handout: Class example - Tim's Garden Services - Annual Financial Statements (PDF)
23. Lecture 13: Tim's Garden Services - The Statement of Profit or Loss and the Statement of Changes in Equity
24. Lecture 14: Tim's Garden Services - The Statement of Financial Position
25. Class Example - Donovan's Retailers
26. Handout: Class Example - Donovan's Retailers (PDF)
1. Study Unit 5(A) covers the following:
2. The Accounting Process
3. Handout: SU5 -Processing Accounting Data Notes (PDF)
4. Lecture 1: The Accounting Process so far
5. General Journal Entries
6. Lecture 2: The General Journal
7. The Cash Receipts Journal
8. Lecture 3: The Cash Receipts Journal (INFOGRAPHIC)
9. Lecture 4: The Cash Receipts Journal - Why we use it
10. Handout: Class Example - Fussy Pet Foods CRJ (PDF)
11. Lecture 5: Fussy Pet Foods CRJ - Class Example
12. Lecture 6: Fussy Pet Foods CRJ to GL - Class Example
13. The Cash Payments Journal
14. Lecture 7: The Cash Payments Journal (INFOGRAPHIC)
15. Lecture 8: The Cash Payments Journal - Why we use it
16. Handout: Class Example - Fussy Pet Foods CPJ (PDF)
17. Lecture 9: Fussy Pet Foods CPJ - Class example
18. Lecture 10: Fussy Pet Foods CPJ to GL - Class example
1. Introduction to VAT
2. Handout: SU5(B) - Processing Accounting Data Part B Notes (PDF)
3. Lecture 1: Value Added Tax - What is it? (INFOGRAPHIC)
4. Lecture 2: Value Added Tax - Introduction
5. Lecture 3: Value Added Tax - Calculations
6. Lecture 4: Value Added Tax - Calculations of Inclusive and Exclusive VAT
7. Lecture 5: Value Added Tax - General Journal & General Ledger
1. Study Unit 5(C) covers the following:
2. Handout: SU5(C) - Processing Accounting Data Part C Notes (PDF)
3. Handout: Class Example - Best Skin Care SJ and SRJ (PDF)
4. Lecture 1: Sales Journal - What is it?
5. Lecture 2: Sales Returns Journal: What is it?
6. Lecture 3: Best Skin Care SJ & SRJ - Class Example
7. Lecture 4: Best Skin Care SJ to GL - Class Example
1. Study Unit 5(D) covers the following:
2. Handout: SU5(D) - Processing Accounting Data Part D Notes (PDF)
3. Handout: Class Example: Best Skin Care PJ and PRJ (PDF)
4. Lecture 1: Purchases Journal - What is it?
5. Lecture 2: Purchases Returns Journal - What is it?
6. Lecture 3: Purchases and Inventory
7. Lecture 4: Best Skin Care PJ & PRJ - Class Example
8. Lecture 5: Best Skin Care PJ to GL - Class Example
1. In this section, we will cover the following:
2. Handout: SU6 -Adjustments Notes (PDF)
3. Lecture 1: Introduction
4. Lecture 2: Accrual Basis
5. Lecture 3: Recording Adjustments - Steps
6. Lecture 4: Accrued Expenses
7. Lecture 5: Prepaid Expenses
8. Lecture 6: Income Received in Advance
9. Lecture 7: Accrued Income
10. Class Example - Bailey's Art Classes
11. Handout: Class Example: Baileys Art Classes (PDF)
12. Bailey's Art Classes - How to do questions like this
13. Lecture 1: Bailey's Art Classes - Reading the question
14. Lecture 2 : Bailey's Art Classes - The formats of the answer
15. Lecture 3: Bailey's Art Classes - Working through the Case Study Part A
16. Lecture 4: Bailey's Art Classes - Working through the Case Study Part B
17. Lecture 5: Bailey's Art Classes - Working through the Case Study Part C
1. In this section, we will cover the following:
2. Handout: SU6(B) - Adjustments Notes (PDF)
3. Lecture 1: Depreciation
4. Lecture 2: Consumable Inventory on hand
5. Lecture 3: Writing off Credit Losses
1. Introduction
2. Handout: SU7 - Notes (PDF)
3. Lecture 1: Introduction
4. Lecture 2: Closing-off Procedures for a Service Entity
5. Lecture 3: Statement of Changes in Equity
6. Lecture 4: Statement of Financial Position
7. Lecture 5: Closing-off Procedure for a Trading Entity
8. Lecture 6: Cost of Sales for a Trading Entity
9. Lecture 7: Periodic Inventory System
10. Lecture 8: Perpetual Inventory System
11. Lecture 9: Example for the Perpetual Inventory System
12. Lecture 10: Additional Costs of Sale
13. Lecture 11: Purchase Returns, Allowances and Settlement Discounts Received
14. Lecture 12: The Gross Profit Percentage
15. Lecture 13: Statement of Profit or Loss (Trading Entity)
1. Handout: SU8 - Cash and Cash Equivalents Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Internal Controls over Cash
4. Lecture 3: Use of the Bank Account
5. Lecture 4: The Bank Reconciliation
6. Lecture 5: Transactions recorded from the Bank Statements
7. Lecture 6: Bank Reconciliation - Class Example
8. Lecture 7: Petty Cash
9. Lecture 8: Measurement and Disclosure
10. Class Example: Luwam's Bean Counters
11. Handout: Class Example: Luwam's Bean Counters (PDF)
12. Handout: Luwam's Bank Recon: Solution
1. Handout: SU9 -Trade and Other Receivables Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: The Debtors Ledger
4. Note on Lecture 3: Settlement Discount Granted (READ)
5. Lecture 3: Settlement Discount Granted
6. Lecture 4: Allowance for Settlement Discount Granted
7. Lecture 5: Measurement of Debtors
8. Lecture 6: Allowance for Credit Losses
9. Lecture 7: Estimating the Allowance for Credit Losses
10. Lecture 8: Recording the Allowance for Credit Losses
11. Lecture 9: Writing off Credit Losses where an Allowance exists
12. Lecture 10: Recovery of Credit Losses written off
13. Lecture 11: VAT on Credit Losses and Credit Losses Recovered
14. Lecture 12: Disclosure of Debtors in the Financial Statements
1. Handout: SU10 -Inventory Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Measurement
4. Lecture 3: Physical Inventory Counts
5. Lecture 4: Cost of Inventory
6. Lecture 5: Importance of Accurate Valuation
7. Lecture 6: Importance of Accurate Valuation - Example
8. Lecture 7: Cost Formulae to Value Inventory
9. Lecture 8: Weighted Average Method
10. Lecture 9: First In - First Out (FIFO) Method
11. Lecture 10: Net Realisable Value
12. Lecture 11: Estimating the Value of Inventory
13. Lecture 12: Estimating the Value of Inventory - Example
14. Lecture 13: Disclosing Inventory in the Financial Statements
1. Handout: SU11 - Property,Plant and Equipment Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Measurement
4. Lecture 3: Initial Measurement
5. Lecture 4: Subsequent Measurement: Accrual Basis
6. Lecture 5: Subsequent Measurement - Depreciation
7. Lecture 6: Recording Depreciation
8. Lecture 7: Methods for Calculating Depreciation - Straight-line
9. Lecture 8: Methods for Calculating Depreciation - Diminishing Balance
10. Lecture 9: Methods for Calculating Depreciation - Units of Production
11. Lecture 10: Disposal of Assets
12. Lecture 11: Disposal of Assets - Scrapping the Asset
13. Lecture 12: Disposal of Assets - Selling the Asset for more than the Carrying Value
14. Lecture 13: Disposal of Assets - Selling the Asset for less than the Carrying Value
15. Lecture 14: Disposal of Assets - Trade-in of the Asset
16. Lecture 15: Disclosing PPE in the Financial Statements
17. Handout: Class Example: Samantha's Industries (PDF)
1. Handout: SU12: Notes (PDF)
2. Lecture 1: Intangible Assets
3. Lecture 2: Other Financial Assets
4. Lecture 3: Other Financial Assets - Initial Measurement
5. Lecture 4: Investment in Shares
6. Lecture 5: Cash Investment
1. Handout: SU13 - Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Recording - Trade Creditors
4. Lecture 3: Reconciling the CL and GL - Example
5. Lecture 4: Other Current Liabilities
6. Lecture 5: Disclosure
1. Handout: SU14 - Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Long-term Loans and Mortgages
4. Lecture 3: Long-term Borrowings and Mortgages - Example
5. Lecture 4: Debentures
6. Lecture 5: Debentures - Example
7. Lecture 6: Disclosure
1. Handout: SU15 - Notes (PDF)
2. Handout: Financial Statement Formats (PDF)
3. Lecture 1: Introduction
4. Lecture 2: Statement of Financial Position
5. Lecture 3: Statement of Profit or Loss
6. Lecture 4: Statement of Changes in Equity
7. Lecture 5: Notes to the Annual Financial Statements
1. Class Example: Khulong Traders
2. Handout: Khulong Traders Question (PDF)
3. Handout: Khulong Traders Suggested Solution (PDF)
4. Lecture 1: Question 2.1 Part A
5. Lecture 2: Question 2.1 PART B
6. Lecture 3: Question 2.1 PART C
7. Lecture 4: Question 2.2
8. Lecture 5: Question 2.1 Marking
9. Lecture 6: Question 2.2 Marking
1. Handout: SU16 - Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Statement of Receipts and Payments
4. Lecture 3: Statement of Income and Expenditure
5. Lecture 4: Special Funds
1. Handout: Far Hills Question (PDF)
2. Handout: Far Hills Suggested Solution (PDF)
3. Lecture 1: Question 2: Membership Fees Account
4. Lecture 2: Question 2: Marking
1. Handout: SU17 - Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Calculation of Profit or Loss from Incomplete Records
4. Lecture 3: Calculation of Profit or Loss from Incomplete Records: Example
5. Lecture 4: Conversion from a Single-Entry System to a Double-Entry System
6. Lecture 5: Conversion from a Single-Entry System to a Double-Entry System: Example PART A
7. Lecture 6: Conversion from a Single-Entry System to a Double-Entry System: Example PART B1
8. Lecture 7: Conversion from a Single-Entry System to a Double-Entry System: Example PART B2
1. Why have I given you a FAC1601 paper?! (READ)
2. Handout: Exam Question (PDF)
3. Lecture 1 : Introduction
4. Lecture 2: Planning the case study
5. This next one is 'fun'! Pay close attention here...
6. Lecture 3: Q1 Sales
7. Lecture 4: Q2 Cost of Sales
8. Lecture 5: Q3 Rent Received
9. Lecture 6: Q4 Gain / Loss on Investment
10. Lecture 7: Q5 Credit Loss Recovered
11. Lecture 8: Q6 Profit / Loss on asset disposal
12. Lecture 9: Q7 Credit Loss
13. Lecture 10: Q9 Farming Expenses
14. Lecture 11: Q10 Depreciation - Machinery
15. Lecture 12: Q11 Depreciation - Vehicles
16. Lecture 13: Q12 Cleaning Expenses
17. Lecture 14: Q13 Travel Expenses
18. Lecture 15: Q14 Water & Elec
19. Lecture 16: Q15 Property Rates
20. Lecture 17: Q16 Adverts
21. Lecture 18: Q17 Long Term Loan: Interest

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FAC1502 - Financial Accounting Principles, Concepts and Procedures

Course curriculum

Introduction

SU1 - The Nature of Accounting Theory, Principles, Accounting Policy, Practice and Procedures

SU2 - Financial Position

SU3 - The Financial Performance - The Result

SU4 - The Double-Entry System and the Accounting Process

SU5A - Financial Accounting Concepts, Principles and Procedures

SU5B - Processing Accounting Data

SU5C- Processing Accounting Data

SU5D - Processing Account Data

SU6A - Adjustments

SU6B - Adjustments

SU7 - The Closing-off Procedure, Determining Profit of an Entity and Preparing Financial Statements

SU8 - Cash and Cash Equivalents

SU9 - Trade and Other Receivables

SU10 - Inventory

SU11 - Property, Plant and Equipment

SU12 - Other Non-Current Assets

SU13 - Current Liabilities

SU14 - Non Current Liabilities

SU15 - Financial Statements of a Sole Proprietorship

Class Example: Khulong Traders

SU16 - Non Profit Entities

Class Example: Far Hills

SU17 - Incomplete Records

FAC1601 - MCQ Paper

About this course

Discover your potential, starting today