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
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