FAC1601 - Financial Accounting Reporting

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Course curriculum

1. Welcome to our FREE support course for FAC1601
1. Some Basics from FAC1502
2. Lecture 1 : Gross Profit
3. Lecture 2 : Four Common Adjustments
1. Introduction to Learning Unit 1 & 2
2. Handout: Summaries for SU1 (A) (PDF)
3. Handout: Updated notes for Lecture 4 (PDF)
4. Lecture 1: International Financial Reporting Standards
5. Lecture 2: General Purpose Financial Reporting (INFOGRAPHIC)
6. Conceptual Framework for Financial Reporting
7. Lecture 3A: Conceptual Framework - Basics (INFOGRAPHIC)
8. Lecture 3B: Introduction and Overview of the Conceptual Framework
9. Lecture 4.1: Elements Definitions and Recognition Criteria
10. Lecture 4.2: Elements Definitions and Recognition Criteria
11. Lecture 4.3: Elements Definitions and Recognition Criteria
12. Lecture 5: Asset definition (INFOGRAPHIC)
13. Lecture 6: Liability definition (INFOGRAPHIC)
14. Lecture 7: Measurement of the Elements of Financial Statements (READ)
15. Lecture 8: Concepts of Capital and Capital Maintenance (READ)
16. Presentation of Financial Statements: IAS 1
17. Lecture 9: Purpose of Financial Statements
18. Lecture 10: General Features (INFOGRAPHIC)
19. Structure and Contents of Financial Statements
20. Handout: Financial Statement Formats - download from lectures 11 to 14 (PDF)
21. Lecture 11: Statement of Financial Position
22. Lecture 12: Statement of Profit or Loss and Other Comprehensive Income
23. Lecture 13: Statement of Changes in Equity
24. Lecture 14: Notes to the Annual Financial Statements
25. Class Example - Storms for Africa
26. Handout: Tutorial Question - Statement of Financial Positions - Storms for Africa Question (PDF)
27. Lecture 15: Feedback on Storms for Africa
28. Handout: Tutorial Solution - Statement of Financial Position - Storms for Africa (PDF)
29. Lecture 16: Income and Expenses: Differentiating between Ordinary Activities and Other Gains or Losses (INFOGRAPHIC)
30. Lecture 17: Asset Classification - Current vs Non Current (INFOGRAPHIC)
31. Lecture 18: Liability Classification - Current vs Non Current (INFOGRAPHIC)
1. Introduction to Learning Units 1 & 2
2. Handout: SU1 B Handouts - Financial Instruments (PDF)
3. Handout: UNISA SG Exercise 1.2 (PDF)
4. Lecture 1: What is a Financial Asset Subsequently measured through Profit and Loss? (INFOGRAPHIC)
5. Lecture 2: Intro to Financial Instruments
6. Lecture 3: Important Definitions (READ)
7. Lecture 4: The Journals for Financial Assets
8. Lecture 5: UNISA Exercise 1.2 Homework - Financial Asset
1. Handout: SU2 - 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
8. Class Example: October 2012 Q2 - Khulong Traders
9. Handout: Oct/Nov 2012 - Question 2 - Khulong Traders (PDF)
10. Handout: Oct/Nov 2012 - Suggested Solution - Question 2
11. Lecture 1: Question 2.1 Part A
12. Lecture 2: Question 2.1 PART B
13. Lecture 3: Question 2.1 PART C
14. Lecture 4: Question 2.2
15. Lecture 5: Question 2.1 Marking
16. Lecture 6: Question 2.2 Marking
1. Where will your marks come from?
2. SU3 Summary Notes
3. i) Theory and Introduction to Partnerships
4. Lesson 1: Introducing Partnerships
5. Lesson 2: Legal Aspects of a Partnership
6. Lesson 3: Capital Accounts vs Current Accounts vs Loans
7. ii) Accounting Procedures and Specialised Accounts
8. Lesson 4: Capital Accounts
9. Lesson 5: Current Accounts
10. Lesson 6: Drawings
11. Lesson 7: Reserves
12. Lesson 8: Loan Accounts
13. Lesson 9: Closing Accounts and Transfers Overview
14. Lesson 10: Trading Account
15. Lesson 11: Profit and Loss Account
16. Lesson 12: Appropriation Account
17. Lesson 13: Drawings Account
18. Lesson 14: Current Account Review
19. iii) Financial Statements of a Partnership
20. Statement of Profit or Loss and OCI - Illustrative download
21. Statement of Changes in Equity - Illustrative download
22. Statement of Financial Position - Illustrative download
23. Homework
24. Exercise 3.1
25. Lesson 15: HW Exercise 3.1 - Read
26. Lesson 16: HW Exercise 3.1 - Journals and General Ledger
27. Lesson 17: HW Exercise 3.1 - Current Account General Ledger
28. 18: HW Exercise 3.1 - Statement of Profit or Loss and OCI
29. Lesson 19: HW Exercise 3.1 - Statement of Changes in Equity
30. Lesson 20: HW Exercise 3.1 - Statement of Financial Position and Notes
1. Handout: Summaries for SU 4 (PDF)
2. Lecture 1: Introduction and Overview
3. Steps to account for changes in the Ownership Structure of a Partnership
4. Lecture 2: STEP 1 - Record the Valuation Adjustments
5. Lecture 3: STEP 2 - Close off the Valuation Account
6. Handout: Practice Exercise on the Valuation Account (PDF)
7. Lecture 4: Practice Exercise
8. Lecture 5: STEP 3 - Close off the Current Accounts
9. Lecture 6: STEP 4 - Close off the Drawings Accounts
10. Lecture 7: STEP 5 - Close off Reserves
11. Lecture 8: STEP 6 - Goodwill Acquired
12. Lecture 9: STEP 7 - Settlement of Retiring Partner
13. Lecture 10: STEP 8 - Dissolution, the Transferral Account
14. Lecture 11: STEP 9 - Formation of the New Partnership
15. Lecture 12: STEP 10 - Reinstate Reserves, if applicable
16. Lecture 13: STEP 11 - Adjust Capital Accounts to new Profit Sharing Ratio, if applicable
17. Lecture 14: New Profit Sharing Ratio - i. Admission of New Partner
18. Lecture 15: New Profit Sharing Ratio - ii. Retirement / Death of a Partner
19. Lecture 16: New Profit Sharing Ratio - iii. Retirement & Admission of a Partner
20. Practice Exercise
21. Handout: Practice Exercise and Solution (PDF)
22. Lecture 17: Practice Exercise - Read through Question
23. Lecture 18: Practice Exercise - Dissolution of Old Partnership - PART1 (STEPS 1-8)
24. Lecture 19: Practice Exervise - Formation of the New Partnership - (STEPS 9 - 11)
25. Lecture 20: Practice Exercise - Statement of Financial Position
1. Handout: Summaries for SU 5 - Simultaneous Liquidation (PDF)
2. Liquidation of Partnership: Introduction (INFOGRAPHIC)
3. Liquidation of Partnership: Capital Accounts (INFOGRAPHIC)
4. Liquidation of Partnership: Liquidation Process (INFOGRAPHIC)
5. Simultaneous Liquidation of a Partnership
6. Lecture 1: Introduction to the Liquidation of Partnerships
7. Lecture 2: Steps for Simultaneous Liquidations
8. Lecture 3: STEP 1 - Close off the Current Accounts
9. Lecture 4: STEP 2 - Close off the Drawings Accounts
10. Lecture 5: STEP 3 - Close off & Transfer Goodwill
11. Lecture 6: STEP 4 - Close off & Transfer Reserves
12. Lecture 7: STEP 5 - Transfer Assets & Liabilities to the Liquidation Account
13. Lecture 8: STEP 6 - Record the Liquidation of the Assets
14. Lecture 9: STEP 7 - Record the Payment of Liquidation Costs
15. Lecture 10: STEP 8 - Record the Receipt of Income & Payment of Expenses
16. Lecture 11: STEP 9 - Record the Payment of Liabilities
17. Lecture 12: STEP 10 - Close off the Liquidation Account
18. Lecture 13: STEP 11 - Settle Partners Capital Accounts
19. Practice Exercise 5.1
20. Handout: Exercise 5.1 (PDF)
21. Handout: Solution - Exercise 5.1 (PDF)
22. Exercise 5.1 Reading the Question
23. Exercise 5.1: Solution (VIDEO)
24. Piecemeal Liquidation of a Partnership
25. Handout: Summaries for SU 5 - Piecemeal Liquidation (PDF)
26. Lecture 14: Piecemeal Liquidation Overview and Steps
27. Lecture 15: STEPS 1 to 4 - Closing out: 1.Current account, 2. Drawings, 3. Goodwill and 4. Reserves to Capital accounts
28. Lecture 16: STEP 5 - Sale of the Assets
29. Lecture 17: STEP 6 - Liquidation Costs
30. Lecture 18: STEP 7 - Receipt of Income and Payment of Expenses
31. Lecture 19: STEP 8 - Payment of Liabilities
32. Lecture 20: STEP 9 - Interim Payments
33. Lecture 21: Loss Absorption Capacity Method
34. Practice Exercise 5.2
35. Handout: Practice Exercise 5.2 (PDF)
36. Handout: Solution - Practice Exercise 5.2 (PDF)
37. Exercise 5.2 Reading the Question and Required
38. Exercise 5.2 Solution - Steps 1-4
39. Exercise 5.2 Solution - Steps 5-8
40. Exercise 5.2 Solution - Step 9 and the Actual Required
1. Handout: SU 6 (i) Summaries notes (PDF)
2. Lecture 1: Introduction
3. 6 (i) Overview and Legal Theory
4. Lecture 2: Advantages and Disadvantages of a CC ( READ)
5. Lecture 3: Prescribed Forms (READ)
6. Lecture 4: Name and Registration Number (READ)
7. Lecture 5: Membership of a CC (READ)
8. Lecture 6: Internal Relations (READ)
9. Lecture 7: Internal Relations - Variable Rules (READ)
10. Lecture 8: External Relations (READ)
11. Lecture 9: Accounting Records & Financial Reporting (READ)
12. Lecture 10: The Accounting Officer (READ)
13. Study Unit 6 (ii) Financial Statements and notes to the Financial Statements
14. Handout: SU6 (ii): Handouts - Illustrative AFS for a CC (PDF)
15. Lecture 11: Statement of Profit or Loss and Other Comprehensive Income
16. Lecture 12: Statement of Changes in Members Net Investment
17. Lecture 13: Statement of Financial Position
18. Lecture 14: The Property, Plant and Equipment Note
19. Lecture 15: Notes for Members Loans and Members Transactions
20. Tutorial
21. Handout: Exercise 6.2 (PDF)
22. Exercise 6.2: Read
23. Exercise 6.2: SPL and OCI up to Gross Profit and Other Income
24. Exercise 6.2: Other Expenses and Finance Costs to Profit after Tax
25. Exercise 6.2: Changes in Net Investment of Members
26. Exercise 6.2: SFP- PPE note
27. Exercise 6.2: SFP-Financial Assets Note
28. Exercise 6.2: SFP- Equity and Financial Liabilities
29. Exercise 6.2: Members Loans and Transactions Notes and Accounting Policy
1. Handout: SU7 - Introduction to Companies Summaries (PDF)
2. Handout: Additional notes: Allottment schedule (PDF)
3. Lecture 1: Introduction to Companies
4. Lecture 2: For Profit Companies
5. Lecture 3: Shareholders
6. Lecture 4: Share Transactions and the Prospectus
7. Lecture 5: Types of Shares
8. Lecture 6: Issue of Shares
9. Practical Application - Share Issue
10. Lecture 7: Issue of Shares - Incorporators
11. Lecture 8: Issue of Shares to the Public - Application Equals Allocation
12. Lecture 9: Issue of Shares to the Public - Application Greater than Allocation
13. Lecture 10: Issue of Shares to the Public - Application Less than Allocation
14. Lecture 11: Write off Share Issue Expenses to Retained Earnings
15. Handout: Exercise 7.1 (PDF)
16. Exercise 7.1-1: Read the question
17. Exercise 7.1-2: Journals
18. Exercise 7.1-3: Posting to GL Accounts
19. Exercise 7.3-1: Journals for Incorporators
20. Exercise 7.3-2: Journals Application Greater than Allotment
21. Exercise 7.3-3: Journals Application Less than Allotment
22. Capitalisation Issues and Dividend
23. Lecture 12: Capitalisation Issue of Shares
24. Lecture 13: Dividends
25. Exercise 7.2-1: Read Question and Journal Solution
1. Lecture 1: Debentures
2. Lecture 2: Debentures - Example
1. Introduction to Cash Flows: The Three 'Activities' (INFOGRAPHIC)
2. Handout: SU8 - Cash Flows Statement Templates and Calculations (PDF)
3. Lecture 1: Cash Flows vs Accrual Basis Accounting
4. Lecture 2: Cash Flow Statement - Direct Method
5. Lecture 3: Cash Received from Customers Calculation
6. Lecture 4: Cash Paid to Suppliers and Employees Calculation
7. Lecture 5: Cash flow Statement - Indirect Method
8. Lecture 6: Cash Flow from Investing Activities & Finance Activities
9. Lecture 7: Calculating Cash Flows from Acquisition and Disposal of PPE
10. Class Example to illustrate workings - Direct Method
11. Handout: Exercise 9.2 (PDF)
12. Lecture 8: Exercise 9.2 - Read through the Question and Overall Approach
13. Lecture 9: Exercise 9.2 Calc 1 - Cash Received from Customers
14. Lecture 10: Exercise 9.2 Calc 2 - Cash Paid to Suppliers and Employees
15. Lecture 11: Exercise 9.2 Cash Flow from Operating Activities
16. Lecture 12: Exercise 9.2 Cash Flow from Investing Activities
17. Lecture 13: Exercise 9.2 Cash Flow from Financing Activities
18. Class Example to illustrate workings - Indirect Method
19. Handout: Exercise 9.4 (PDF)
20. Lecture 14: Exercise 9.4 Read through the Question and Overall Approach
21. Lecture 15: Exercise 9.4 Cash Flow from Operating Activities Indirect Method
22. Lecture 16: Exercise 9.4 Cash Flow from Investing Activities
23. Lecture 17: Exercise 9.4 Cash Flow from Financing Activities
24. Class Example - Mpho Traders
25. Handout: Class Example - Mpho Traders (PDF)
26. Handout: Class Example - Mpho Traders Solution (PDF)
27. Self Assessment
28. Handout: Monaco Traders Cash Flow Question (PDF)
29. Handout: Solution - Monaco Traders Cash Flow (PDF)
1. Handout: Property,Plant and Equipment Notes (PDF)
2. Lecture 1: Introduction
3. Lecture 2: Measurement
4. Lecture 3: Initial Measurement
5. Depreciation
6. Lecture 4: Subsequent Measurement: Accrual Basis
7. Lecture 5: Subsequent Measurement - Depreciation
8. Lecture 6: Recording Depreciation
9. Lecture 7: Methods for Calculating Depreciation - Straight-line
10. Lecture 8: Methods for Calculating Depreciation - Diminishing Balance
11. Lecture 9: Methods for Calculating Depreciation - Units of Production
12. Disposal of assets
13. Lecture 10: Disposal of Assets
14. Lecture 11: Disposal of Assets - Scrapping the Asset
15. Lecture 12: Disposal of Assets - Selling the Asset for more than the Carrying Value
16. Lecture 13: Disposal of Assets - Selling the Asset for less than the Carrying Value
17. Lecture 14: Disposal of Assets - Trade-in of the Asset
18. Lecture 15: Disclosing PPE in the Financial Statements
19. Class Example: Samantha's Industries
20. Handout: Class Example: Samantha's Industries (PDF)
1. Handout: SU9 - Analysis and Interpretation of Financial Statements - Summaries (PDF)
2. Lecture 1: Profitability Ratios
3. Lecture 2: Liquidity Ratios
4. Lecture 3: Solvency Ratios
5. Exercise 9.1 To Illustrate Workings
6. Handout: Exercise 9.1 Question (PDF)
7. Exercise 9.1: Profitability Ratios - ROE and ROA
8. Exercise 9.1: Profitability Ratios - GP % and PBT %
9. Exercise 9.1 - Liquidity Ratios
10. Exercise 9.1 - Solvency Ratios

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FAC1601 - Financial Accounting Reporting

Course curriculum

Introduction

Some Basics to Help You

SU1A: Introduction to the Preparation of Financial Statements

SU1B: Introduction to the Preparation of Financial Statements

SU2: Financial Statements of a Sole Proprietorship

SU3: Establishment and Financial Statement of a Partnership

SU4: Changes in the Ownership Structure of Partnerships

SU5: The Liquidation of a Partnership

SU6: Close Corporations

SU7: Introduction to Companies

SU7 (continued): Debentures

SU8: Statement of Cash Flows

Revision-Property, Plant and Equipment (FinAcc 1A)

SU9: Analysis and Interpretation of Financial Statements

About this course

Discover your potential, starting today