ACCA Financial Accounting and Bookkeeping, The Key Concepts

Learn Double Entry Accounting Principles, Journal Entries, Bank Reconciliation and drawing of Financial Statements.

What you will learn

Understand Bookkeeping

Record Transactions using the Double Entry Principle

Prepare Financial Statements for Sole Traders and Companies

Analyze Financial Statements

Description

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ACCA Financial Accounting will equip you with the tools to pass the ACCA Financial Accounting Paper. Financial Accounting forms part of the ACCA Level 1 qualification. Your will learn Double Entry, Ledger Accounts, Bank Reconciliation, Trial Balance, Correction of Errors as well as Company Accounts. The course will also introduce you to various Financial Concepts such as nominal value of shares , rights issue and share premium. Having gone through the various topics and practiced the different questions, you will be able to sit the ACCA Financial Accounting Paper online. The ACCA Financial Accounting Paper consists of a multiple choice section as well as a longer version of questions which will test your skills on financial statements, Consolidation Accounts as well as Cash Flow Statements. Once you pass the ACCA Financial Accounting Paper, you can move up your ACCA journey by studying for the Financial Reporting Paper and the Strategic Business Reporting Paper. Upon completion of the course, you will also demonstrate proficiency in the interpretation of financial statements for Sole Traders and Companies as well as simple group of companies. The foundations of ACCA consists of 100% compulsory questions to assess your knowledge across the board. The ACCA Financial Accounting Exam can be taken online and on demand, therefore you decide the pace of your learning.

English

language

Content

Welcome and Introduction

Introduction

Using Colours for the Accounting Equation

Owners and The Business

The Accounting Equation

Double Entry Bookkeeping

Recording Transactions using Double Entry

Illustrating Profits short Example

Exam Practice Double Entry

Journal Entries

Recording Basic Transactions

Double Entry Receivables Account

Recording Transactions prior to Trial Balance

Balancing Off Ledger Accounts

Trial Balance

Deriving a Statement of Profit or Loss and Statement of Financial Position

Accounting Concepts

Returns, Discounts and Sales Tax

Sales Returns

Returns Outwards

Carriage Inwards and Carriage Outwards

Trade Discounts

Trade Discounts Practice

Early Settlement Discounts

Discounts Received

Introduction to Value Added Tax

VAT Practice Question

Input Tax and Output Tax

T Accounts Sales Tax

Inventory

Introduction to Inventory and Cost of Sales

Calculating Gross Profit

Introduction to Valuing Inventory

IAS 2 Concept

Valuation Practice Question

Practice 2 Valuation of Inventory

Introduction to FIFO and Average Cost

FIFO Practice Question

Periodic Weighted Average Cost

Continuous Weighted Average Cost

FIFO and Gross Profit

Non Current Assets and Depreciation

Introduction to Non Current Assets

Capital and Revenue Expenditure

Examples of Capital and Revenue Expenditure

Practice Question on Capital and Revenue Expenditure

Straight Line Depreciation

Reducing Balance Depreciation Method

Question Practice Reducing Balance Method

Pro Rata Depreciation

Accounting Treatment of Depreciation

Question Practice Treatment of Depreciation

Changing Estimates

Question Practice Changing Estimates

Non Current Assets Disposal and Revaluation

Introduction to Revaluation and Disposal

Disposal of Non Current Assets

Practice Question Disposal of Non Current Assets

Introduction to Part Exchange

Question Practice Part Exchange

Introduction to Revaluation

Practice Question Revaluation

Practice 2 Revaluation

Practice 3 Revaluation

Depreciation of a Revalued Asset

Excess Depreciation Transfer

Disposal of a Revalued Asset

Intangible Assets

Introduction to Intangible Assets

Question Practice Intangible Assets

Research and Development Expenditure Introduction

Recognition of Development Expenditure

Amortization of Development Expenditure

Accruals and Prepayments

Introduction to Accruals Concept

Question Practice Accrued Expenditure

Practice 2 Accrued Expenditure

Prepaid Expenditure

MCQ Question Accruals and Prepayments

Accrued Income

Receivables

Introduction to Receivables

Irrecoverable Debts

Irrecoverable Debts Recovered and Accounting Treatment

Introduction to Allowance for Receivables

Practice Question Allowance for Receivables

Allowance for Receivables Practice Question 2

Allowance for Receivables Exam Practice 3

Payables, Provisions and Contingent Liabilities

Introduction to IAS 37

Discussion Points IAS 37

Exam Practice IAS 37

Summary IAS 37

Capital Structure and Finance Costs

Introduction to Capital Structure and Finance Costs

Types of Shares and Loan Notes

Redeemable and Irredeemable Preference Shares

Nominal Value of Shares

Recording Issue of Shares

Rights Issue of Shares

Accounting for Rights Issue of Shares

Bonus Issue of Shares

Rights Issue and Share Premium Combined

Introduction to Dividend

Introduction to Loan Notes

Loan Notes Practice Question

Introduction to Preference Dividend

Practice Question Preference and Ordinary Dividend

Introduction to Income Tax

Income Tax Computation

Control Account Reconciliations

Introduction to Control Accounts

Dealing with Returns in Control Accounts

Dealing with early settlement discounts in Control Accounts

Dealing with Contra Entry in Control Accounts

Credit Balances in Receivable Ledger Control Accounts

Preparing Receivables Ledger Control Accounts

Control Account Reconciliation

Practice Question Receivables Ledger Control Account

Bank Reconciliations

Introduction to Bank Reconciliation

Timing Differences

Items in the Bank Statement and not in the Cash Book

Errors in the Cash Book

MCQ Question on Bank Reconciliation

Full Bank Reconciliation Question

Trial Balance, Errors and Suspense Accounts

Introduction to Correction of Errors

Errors where Trial Balance Still Balances

Errors not affecting the Trial Balance Part 2

Journal Entries Correction of Errors

Suspense Accounts

Preparing Basic Financial Statements

Introduction to Financial Statements

Preparing Financial Statements Part 1

Preparing Financial Statements Part 2

Incomplete Records

Incomplete Records Question 1

Incomplete Records Question 2

Incomplete Records Question 3

Incomplete Records Question 4

Gross Profit Mark up and Margin

Incomplete Records Question 5

Incomplete Records Question 6

Incomplete Records Question 7

Incomplete Records Question 8

Statement of Cash Flows

Introduction to Statement of Cash Flow

Components of Statement of Cash Flow

Cash Generated from Operations

Cash Flow from Investing and Financing Activities

Interpretation of Financial Statements

Introduction to Interpretation of Financial Statements

Profitability Ratios Lecture 1

Net Asset Turnover Ratio

Liquidity Ratios

Efficiency Ratios

Gearing Ratios

Consolidation Accounts

Introduction to Group Accounts

Structure of Group Accounts

Goodwill Calculation

Full Consolidation Question

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