BÀI GIẢNG kế TOÁN QUỐC tế chapter 17 preparation of financial statements for sole traders

... Learning Objectives Preparation of final accounts Preparation of final accounts Final accounts You have now revised all areas necessary to prepare the final accounts of a sole trader Areas you ... familiar with are as follows •Ledger accounts •Trial balance •Format of income statement and statement of financial position Preparation of final accounts In addition, you shou...

Ngày tải lên: 05/12/2016, 23:19

... revenue from • Sale of goods • Rendering of services • Use by others of entity assets yielding interest, royalties and dividends Measurement Measurement The Theamount amountof ofrevenue revenue ... bythe the agreement agreementof ofbuyer buyerand and seller seller.However, However,the the revenue revenueis ismeasured measuredas as the thefair fairvalue valueof ofthe the consideration co...

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... previously omitted The correction of errors •Example Accountant posts car insurance of $800 to motor vehicles account Correct as follows Correction of error of principle The correction of errors • A suspense ... Objectives Types of error in accounting The correction of errors Types of error in accounting • Errors of transposition, e.g writing $381 as $318 (th...

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... Part A Chapter 1: Introduction to accounting Chapter 2: The regulatory framework Chapter INTRODUCTION TO ACCOUNTING Learning Objectives The purpose of financial ... entity owes this cash to the owner (capital) Something valuable which an entity owns or has use of • A factory or warehouse • Inventories for resale • Cash Liability Something owed to somebody else ... emplo...

Ngày tải lên: 05/12/2016, 23:18

... Objectives The regulatory system IASB The regulatory system International influences EU IFAC UN OECD • The international influence on European accounting is very important All listed companies in the ... choice of accounting treatments – the ‘benchmark’ treatment and the ‘allowed alternative’ Most of these standards have now been revised to remove this choice There is now much...

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... Part B Chapter 3: Accounting conventions Chapter ACCOUNTING CONVENTIONS Learning Objectives Background IAS The IASB’s Framework Criticisms Bases of valuation IAS Background • Accounting policies ... IAS Accounting policies, changes in accounting estimates and errors You should know the definitions of the following: •Prospective application •Retrospective application •Prior...

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... C Chapter 4: Sources, records and books of prime entry Chapter 5: Ledger accounts and double entry Chapter 6: From trial balance to financial statements Chapter SOURCES, RECORDS AND BOOKS OF PRIME ... note •Goods received note The role of source documents Books of prime entry The source documents are recorded in books of prime entry The role o...

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... Objectives The nominal ledger The accounting equation Double entry bookkeeping The journal and imprest system Day book analysis The receivables and payables ledgers The nominal ledger Ledger accounting: ... assets and liabilities is preserved • In a system of double entry bookkeeping every accounting event must be entered in ledger accounts both as a debit and as an eq...

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... balance Trial balance • The balances are then collected in a trial balance If the double entry is correct, total debits = total credits The trial balance Errors A trial balance does not guarantee ... Learning Objectives The trial balance The income statement Statement of financial position Preparing financial statements The trial balance At the en...

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... allowances Chapter 13: Provisions and contingencies Chapter SALES TAX Learning Objectives The nature of a sales tax and how it is collected Accounting for a sales tax The nature of a sales tax and ... Part D Chapter 7: Sales tax Chapter 8: Inventory Chapter 9: Tangible non-current assets Chapter 10: Intangible non-current assets Chapter 11: Accruals and prep...

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... of conversion Inventory can include raw materials, work in progress, finished goods, goods purchased for resale •FIFO and average cost are allowed •LIFO is not allowed Note: Inventory excludes ... warehouse and actually counting the boxes on the shelves • Some businesses keep detailed records of inventory coming in and going out, so as not to have to count everything on the last day of t...

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... acquisition of non- current assets, or an increase in their earning capacity Revenue expenditure is incurred for the purpose of trade or to maintain the existing earning capacity of the non- current assets ... a measure of the wearing out or depletion of a non- current asset through use, time or obsolescence • It is a means of allocating the cost of a noncurrent asset over its exp...

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... Learning Objectives Intangible non- current assets Deferred development costs Intangible non- current assets • Non- current assets which have a value to the entity but no ... Examples: – Goodwill (see Chapter 19 on partnerships) – Leases – Patents and trade names – Research and development costs Deferred development costs IAS 38 Intangible assets • Pure or basic resea...

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... relate Accruals and prepayments Remember Remember that that the the financial financial statements statements are are prepared prepared on on an an accruals accruals basis basis and and that that accruals ... prepared prepared on on an an accruals accruals basis basis and and that that accruals accruals and and prepayments prepayments are are likely likely to to feature...

Ngày tải lên: 05/12/2016, 23:19

... Learning Objectives Irrecoverable debts and receivables allowances Accounting for irrecoverable debts and receivables allowances Irrecoverable debts and receivables allowances • A receivable ... Accounting for irrecoverable debts and receivables allowances If a reduction in the receivables allowance is required, then: Accounting for irrecoverable debts and...

Ngày tải lên: 05/12/2016, 23:19