Macq.

Semester 2, 2018


HD ACCG100 SUMMARY NOTES FULL SEMESTER

20 pages

4,805 words

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Everything you need to know to ace accg100, includes worked examples and diagrams:
WEEK 1: ACCOUNTING, ACCOUNTABILITY AND SOCIETY 4
Importance 4
Role and requirements 4
Types of Accounting 4
Management 4
Financial 4
Types of businesses 4
Sole proprietorship 4
Partnership 4
Company 4
WEEK 2: ETHICS 5
Ethics vs morals 5
Ethical theories 5
Teleological/Consequential ethics 5
Deontological/Non-Consequential ethics 5
The Accounting Code of Ethics 5
Ethical requirements on independence 6
WEEK 3: FINANCIAL ACCOUNTING FOR BUSINESS: ACCOUNTING CYCLE AND DOUBLE ENTRY METHOD 7
Accounting Cycle 7
Type of transactions 7
External transactions 7
Internal transactions 7
Non-Transactional Events 7
Five Financial Elements 7
1. A 7
2. L 7
3. O 7
4. R 7
5. E 8
Debit and Credit rules 8
Double-Entry Accounting 8
WEEK 4: FINANCIAL ACCOUNTING FOR BUSINESS: RECORDING TRANSACTIONS 9
T-Accounts 9
Trial Balance 9
WEEK 5: FINANCIAL ACCOUNTING FOR BUSINESS: ADJUSTING ENTRIES & ADJUSTED TRIAL BALANCE 9
Accrual Accounting 9
Accrual Basis Assumption 9
Most common use of accrual-based accounting 9
Cash-based accounting 9
Why do we need Adjusting Entries? 9
Classification of adjusting entries 9
Deferrals 10
Prepaid Expenses: 10
Unearned Revenue: 10
Accruals 10
Accrued Expenses: 10
Accrued Revenue 10
What is next? 10
WEEK 6: FINANICAL ACCOUNTING FOR BUSINESS: CLOSING ENTRIES 11
Temporary and Permanent Accounts 11
Closing Entries 11
Step 1 11
Step 2 11
Step 3 11
Step 4 12
The End Result 12
WEEK 7: FINANCIAL ACCOUNTING FOR BUSINESS: PREPARING FINANCIAL STATEMENTS 13
Users of Accounting Information 13
Internal User 13
External User 13
Information 13
1. Financial performance 13
2. Financial position 13
3. Cash movements 13
Income Statement 13
Balance Sheet 13
Statements of Changes in Equity 14
Accounting Assumptions 14
Accounting Entity Assumption 14
Accrual Basis Assumption 14
Going Concern Assumption 14
Period Assumption 14
Qualitative Characteristics 14
Relevance 14
Faithful Representation 14
Comparability and Consistency 14
Understandable 14
Materiality 14
WEEK 8: FINANCIAL ACCOUNTNG FOR BUSINESS: FINANCIAL STATEMENTS 15
Ratios 15
Ratio Analysis 15
Profitability ratios 15
Liquidity ratios 15
Solvency ratios 15
WEEK 9: INTRODUCTION TO MANAGEMENT ACCOUNTING AND BUDGETING 16
What is management accounting? 16
Functions 16
Manufacturing costs 16
Terminology 16
Budgeting 16
WEEK 10: COST VOLUME PROFIT ANALYSIS 17
Variable and Fixed Costs 17
CVP Analysis 17
Contribution Margin 17
Break-Even Point 18
Margin of Safety 18
Target Profit 18
WEEK 11: SUSTAINABILITY 19
Limitations of traditional accounting 19
Environmental accounting 19
Social accounting 19
Benefits of the triple bottom line for businesses 19
Stakeholders 20
Limitations 20

Author

Madi

Campus

Macq., North Ryde

Member since

January 2018

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