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Table Of Contents

Introduction
Sectors in the economy
Types of business organisation
Business objectives
Fundamentals of financial accounting
The accounting equation
International standards
Terminology
Summary
What does the account show?
Rules for double-entry transactions
Further information for double-entry bookkeeping
Accounting for inventory
What do we mean by inventory?
Double-entry transactions for inventory
Returns of inventory
Drawings
Income and expenses
How many different expense accounts should be opened?
Balancing accounts
Chapter review
Handy hints
Key terms
REVIEW QUESTIONS
Learning objectives
Trial balance
Statement of comprehensive income
Statement of financial position
Further adjustments to the statement of comprehensive income
Relevant accounting standards
Ledgers
Day books
Cash books
Cash and trade discounts
Three-column cash books
Petty cash book
Petty cash book Cash book
Sales day book
Purchases day book
Returns day books
The journal
The use of folio columns
The administration of VAT
VAT and double-entry bookkeeping
Other items in the VAT account
VAT and discounts
Classifying capital and revenue expenditure
Joint expenditure
Capital and revenue receipts
Areas of debate
Incorrect classification of expenditure
Financial statements – the underlying principles
Accounting concepts
Introduction to accounting standards
Revenue
Accruals and prepayments and the statement of financial position
Dealing with trial balances when outstanding balances exist
Dealing with balances from more than one year
Links with other topics
Bad debts and provision for doubtful debts
Accounting for bad debts
How can a business minimise the risk of bad debts?
Provision for doubtful debts
●Provision for doubtful debts
Calculating the size of the provision for doubtful debts
Accounting entries for the provision for doubtful debts
Accounting entries for provision for doubtful debts:
Provision for doubtful debts and the statement of financial position
Bad debts recovered
Provision for discounts on debtors
Why do assets lose value?
Do all assets lose value?
Methods of depreciation
Straight line method
Reducing balance method
Depreciation and the statement of financial position
A comparison of the two methods
Changing methods of depreciation
Mid-year purchases and sales
Depreciation and double-entry bookkeeping
Asset disposal
Depreciation of intangible assets
Errors that don’t affect the trial balance agreement
Correction of the errors
Errors that do affect the trial balance agreement
Errors and profits
Information used in the control accounts
Updated cash book
Producing the bank reconciliation statement
Further information concerning construction of bank reconciliation statements
How costs are classified
Prime cost
Indirect manufacturing costs
After the manufacturing account is completed
Factory profit
Provision for unrealised profit on unsold inventory
Types of limited company
Differences between public and private limited companies
Shares and shareholders
Debentures
Financial statements of limited companies
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Frank Wood's Business Accounting Basics

Frank Wood's Business Accounting Basics

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Published by Ras Bomba
frank wood
frank wood

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Published by: Ras Bomba on Jul 17, 2012
Copyright:Attribution Non-commercial

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11/28/2013

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