Revision Lecture Essay

2814 words - 12 pages

MAA 261 –Financial Accounting

Lecture 12

MAA261

Financial Accounting
Revision Lecture

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MAA 261 –Financial Accounting

Lecture 12

Topic 1 Sources of Authority in Accounting, p The Conceptual Framework for financial reporting and Historical Cost Accounting

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MAA 261 –Financial Accounting

Lecture 12

Topic 1- Sources of Authority in Accounting
Companies Legislation Accounting Standards ASX Listing Requirements

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MAA 261 –Financial Accounting

Lecture 12

Topic 1- Accounting Standards
AASB – has authority to develop authoritative Australian accounting standards July J l 2002 – Ch i Chairman of th FRC f the announced Australian would ...view middle of the document...

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MAA 261 –Financial Accounting

Lecture 12

Topic 6 - Conceptual Framework
Recognition Criteria An item that meets the definition of an element should be recognised if – It is probable that any future economic benefit associated with the item will flow to or from the enterprise, and The item has a cost or value that can be measured with reliability.

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MAA 261 –Financial Accounting

Lecture 12

Topic 6 - Conceptual Framework
Resource consumption and allocation problem – Difficulty in separating the amount of a resource that –
• • has been consumed (an expense) has not yet been consumed (an asset)

Relates particularly to inventory, marketable securities, depreciable assets, intangible assets
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MAA 261 –Financial Accounting

Lecture 12

Topic 6 - Conceptual Framework
Inventory Allocation problem is deciding cost of –
• • • • • inventory on hand at end of period (asset) inventory sold during the period (expense) FIFO (First In, First Out) LIFO (Last In, First Out) WAC (Weighted Average Cost)

Assumption made re flow of inventory –

Value at lower of cost and NRV
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MAA 261 –Financial Accounting

Lecture 12

Topic 6 - Conceptual Framework
Depreciation Allocation of the purchase price or revalued amount of an asset over the accounting periods it will be used by the entity and in relation to the benefits it will produce. Methods – Straight-line and reducing balance Cost of an asset – • Installation Costs • Group Asset Costs • Maintenance v’s Improvement • The unit being accounted for • Replacement v’s Maintenance
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MAA 261 –Financial Accounting

Lecture 12

Topic 2

The Recording Process

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MAA 261 –Financial Accounting

Lecture 12

Topic 2 - The Recording Process
General Ledger Consists of a list/group of ledger accounts Ledger Accounts record of the movements (increases or decreases) of an item that is included in the entity’s financial statements. Separate accounts for each individual asset, liability, revenue, expense and equity item
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MAA 261 –Financial Accounting

Lecture 12

Topic 2 – The Recording Process
Debits and credits provide a code or method for recording transactions Every transaction must have equal debit and credit entries Debit entries Increase Decrease Credit entries Increase Decrease Assets and expenses Liabilities, owner’s equity and revenues Liabilities, owner’s equity and revenues Assets and expenses
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MAA 261 –Financial Accounting

Lecture 12

Topic 2 – The Recording Process
T-Shaped Format of a General Ledger Account Account Name (Account Number)

Debit Amount

Credit Amount

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MAA 261 –Financial Accounting

Lecture 12

Topic 2 – The Recording Process
Running (or continuous balance) Format of a General Ledger Account
Account Name
Date Particulars Debit

Account No.
Credit Balance

In both T-shaped or columnar ledger...

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