BÀI GIẢNG kế TOÁN QUỐC tế chapter 16 correction of errors

... 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 (the difference is divisible by 9) • Errors of omission, ... of $404 had been omitted when the trial balance was prepared •In respect of telephone expenses of $650, the only entry to have been made was in the cash account The correction of errors The correction...

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 should be able to deal ... •Depreciation •Inventory •Accruals and prepayments •Irrecoverable debts •Allowance for receivables •Profit/loss disposal of non-current assets ...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 20 preparation of financial statements for companies

... 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 considerationreceived,...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 22 statements of cash flows

... reconciliation of cash and cash equivalents IAS Statement of cash flows IAS Statement of cash flows IAS Statement of cash flows • The above proforma was for the indirect method The direct method proforma ... of cash flows Format • IAS Statement of cash flows splits cash flows into the following headings: – Cash flows from operating activities – Cash flows from investing activities – Cash flows from ... IAS7 Statement of cash flows Preparing a cash flow IAS Statement of cash flows Purpose • A statement of cash flows shows the effect of an entity’s commercial transactions on its cash balance •...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 1 introduction to accounting

... 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 ... employees • Partnerships – two or more people working together to earn profits • Limited liability company – owners have liability limited to the amount they pay for their shares – a limited liability...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 2 the regulatory framework

... 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 more standardisation ... statements must give a ‘true and fair view’ or ‘present fairly’ the entity’s financial position IASB Standard setting process The procedure can be summarised as follows ...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 3 accounting conventions

... 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 period errors Accounting ... IASB’s Framework Good accounting information has the following qualities: •Relevance •Understandability •Reliability •Comparability •Objectivity •Timeliness •Completeness 13 The IASB’s Framework...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 4 sources,records and books of prime entry

... 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 of source documents Journal: Journals are used to record ... other books of prime entry They record the following: •Period end adjustments •Correction of errors •Large / unusual transactions Sales and purchase day books Sales and purchase returns day books...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 5 ledger accounts and double entry

... 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 equal but opposite credit Double entry ... receivables and payables ledgers • To keep track of individual customer and supplier balances it is common to maintain subsidiary ledgers called the receivables ledger and the payables ledger Each...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 6 from the trial balance to financial statements

... 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 end of an accounting period a balance is struck ... together with the rent account to illustrate how balances are transferred to it at the end of the year The income statement • This could be re-arranged as follows to arrive at the financial statement...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 7 sales tax

... 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 prepayments Chapter 12: Irrecoverable ... sales tax separately iii Exclude recoverable sales tax from income statement iv Include irrecoverable sales tax in income statement v Debit sales tax payable with recoverable input sales tax element...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 8 inventory

... 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 the ... This is the problem of valuation Valuing inventories Prices The price used to value an item of inventory might be any of a number of possibilities, e.g selling price, replacement cost However,...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 9 tangible non current assets

... 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 expected useful life, so ... and is intended to provide a fairer view of the value of the business assets • A revaluation is recorded as follows Non- current asset disposals Disposal • On disposal of an asset a profit or...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 10 intangible non current assets

... 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 research ... costs written off as incurred Deferred development costs Five criteria stated under IAS 38 Intangible assets •Technical feasibility of completing the asset •Intention to complete the asset •Ability...

BÀI GIẢNG kế TOÁN QUỐC tế chapter 11 accruals and prepayments

... 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 feature in in an an accounts accounts ... Learning Objectives Accruals Prepayments Accruals • Expenses charged against the profits of a period even though they have not...

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