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Financial Accounting 1

This class was created by Brainscape user Dominique Higgins. Visit their profile to learn more about the creator.

By: Dominique Higgins
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Decks in this class (18)

Lecture 1-2 (What is accounting and who needs it?)
What is accounting,
Accounting entities,
Economic events
19  cards
Lecture 2-3 (The accounting equation)
Asset,
Examples of assets,
When is something recognised as a...
17  cards
Lecture 5-6 (Financial statements from the accounting equation)
Running balance,
Rules for running balances,
Cash purchases dr cr
17  cards
Lecture 7-8 (The accounting information system)
Books of prime entry,
Sales day book,
Purchase day book
13  cards
Lecture 9 (Ensuring the quality of financial statements)
Relevance,
Faithful representation,
Predictive value
23  cards
Lecture 10-11 (Accounting information for service businesses)
Service business,
Steps for accounting for a servic...,
Debit and credits for a sale
3  cards
Lecture 11-12 (Accounting information for a trading business)
Trading,
Manufacturing,
Trading business
15  cards
Lecture 13-14 (Published financial statements)
What is included in the annual re...,
Why are there no balances carried...,
Why are there balances carried fo...
3  cards
Lecture 15-16 (Non-current Assets)
Current asset,
Non current asset,
Examples of non current assets
23  cards
Lecture 17 (Current assets: Inventory and receivables)
What are the purposes of a stock ...,
How are businesses prudent in inv...,
Net realisable value
16  cards
Lecture 19 (Prepayments and accruals)
What are prepayments and accrued ...,
What are accruals and prepaid inc...,
When should revenue be recorded a...
10  cards
Lecture 20-21 (Liabilities and equity)
Current liability,
Examples of current liabilities,
Contingent liabilities
37  cards
Lecture 22-23 (Partnerships)
Differences between partnership a...,
Capital,
How are partners rewarded for hav...
20  cards
Lecture 24-26 (Ratio Analysis)
How do you decide where to invest,
What considerations does a financ...,
What considerations does a financ...
25  cards
Lecture 27 (Reporting Corporate Performance)
What else can we find in the annu...,
What has the been the general res...,
What are the main narratives
14  cards
Lecture 28 (Ethical Issues)
What may your personal ethics be ...,
What are the two approaches a bus...,
Justice approach
9  cards
Reading
What problems do businesses face ...,
Importance of fairness in busines...,
What does it mean to be fair rubi...
26  cards
Reading (Recommended)
Who wrote how is the ifrs for sme...,
What is how is the ifrs for sme a...,
What do the results of how is the...
41  cards

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Financial Accounting 1

  • Class purpose General learning

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