Revision notes.

Try this with Accounting

1. Close your notes and write the main idea in two sentences from memory.
2. Reopen the source and correct the first mistake or omission you find.
3. Add one example and one question to test whether you can apply the idea.

View Accounting resources on ATARMAXXING ↗

Topics in the resource inventory

• The fourteen accounting concepts and conventions in action
• Accounting entity, legal entity and business ownership structures
• The accounting equation, duality and general journal / ledger recording
• The four accounting reports and the links between them
• Digital technologies, regulatory frameworks and stakeholder information needs
• Fully classified income statement for service and trading entities
• Classified balance sheet and statement of changes in equity for a sole trader
• Prepaid and accrued expenses and revenues: general journal and report extracts
• Depreciation: straight-line, diminishing-balance and units-of-use
• Perpetual inventory cards (FIFO and specific identification) and stock adjustments
• Inventory control: turnover, lower of cost or net realisable value and security
• Debtors ledger, control account, schedule of debtors and credit control
• Bad debts, allowance for doubtful debts, ageing analysis and debtor turnover
• Cash control and bank reconciliation statements
• Statement of cash flows: calculations and why profit is not cash
• Schedules of collections and cash budgets; budgeted final reports
• Breakeven analysis and cost behaviour
• Ratio analysis: return, liquidity and solvency, and converting turnover to days
• Sources of finance and ownership-structure advice
• Writing authentic accounting advice: letter, report or email with qualitative and quantitative factors