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Diploma in Office Management (DMS) Calendar view

BUS1233 Financial Accounting 1 - Sem 3, 2021/2022 DBAO


Class
Mohd Fadhil Ahmad Mazlan
Access code required
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Lessons

Here is the class outline:

1. COURSE OUTLINES

Course Learning Outcomes On successful completion of the module students will be able to : 1. Explain the effects of business transactions on accounting equation. 2. Demonstrate proficiency in the accounting cycle through the recording of journal entries, posting to the ledgers, and the preparation of trial balance. 3. Compute and journalize adjusting and closing entries. 4. Prepare pre and post Income Statement and Balance sheet. 5. Demonstrate a petty-cash system and bank reconciliation.

1 section
Topics Covered

2. ACCOUNTNG BACKGROUND AND PRINCIPLES 1

This section briefly explains what accounting is all about, what it does and the area it covers. It is also shows the area of accounting in the daily life especially in business sector.

3 sections
Videos in accounting
FA1 - Topic 1&2 - Part 1 - Introduction to Accounting
FA1 - Topic 1&2 - Part 2 - Accounting Equation

3. BASIC CONCEPTUAL AND REGULATORY FRAMEWORK

This section explains the importance of accounting, the process and the type of information produced from the financial statement. Basically, it covers the uses of the accounting information to each class of its users

8 sections
Purpose
Definition
Objectives
Uses and users of accounting information
Qualitative Characteristics of Accounting Information
Accounting Assumptions
Exercise 1 - Uses and Users of Accounting Information
FA1 - Topic 3 - Transactions, Journal Entries and Ledgers

4. ACCOUNTING EQUATION

This section explains the basic as well as the extended accounting equation and its elements. It covers the financial transactions as well as the effect to the accounting equation.

8 sections
What are we calculating for?
The Accounting Equation
Exercise 2 - Accounting Equation 1
The Extended Accounting Equation
Transactions
Quiz 1 - Transaction Analysis - Accounting Equation
Accounting Equation
FA1 - Topic 4 - Journal Entries, Ledgers and Trial Balance

5. RECORDING PROCESS

This section explains the meaning of debit and credit. The formation of accounts and the reason behind the double entry system. It is the first step of the preparation of the financial statement.

12 sections
Book of Original Entry
Double Entry System
Double Entry - An Illiustration
The asset of inventory
The Asset of Inventory - An illustration
Posting to Ledgers
Balancing-off Ledger Accounts
Trial Balance
Cashbook
Cashbook - Illustration
FA1 - Topic 5 - Part 1 - Financial Statement - SOPL
FA1 - Topic 5 - Part 2 - Financial Statement - SOFP

6. PREPARATION OF FINANCIAL STATEMENTS

The financial statements consist of two important statements. Both of them represents the result of the operation of the business throughout the year. The Statement of Profit and Loss shows the performance of the business while the Statement of Financial Position shows the position of the assets, liabilities and capital of the business at the end of the year.

9 sections
Introduction
Statement of Profit and Loss
Format of Statement of Profit and Loss Account
Statement of Financial Position
Format of Statement of Financial Position
Financial Statement - Illustrations
FA1 Topic 6 Depreciation
FA1 Topic 6 Depreciation Part 2
FA1 Topic 6 Depreciation Part 3

7. FINANCIAL STATEMENT ADJUSTMENTS

This section explains the adjustments occurred during the process of preparation of the financial statements. There are some items might be missed or miscalculated hence making the financial statements not accurately presented. There are 3 popular adjustments involving the depreciation of assets, receivables and certain items either revenue or expenses being accrued or prepaid. All of these need to be adjusted to make the financial statement reliably accepted.

10 sections
Introduction
Depreciation - Accounting for Non-Current Assets
Depreciation - Methods and Calculations
Depreciation - Disposal of Asset
Bad Debt, Recovery and Provision - Accounting for Receivables
Bad Debt, Recovery and Provision - Bad Debt and Bad Debt Recovered
Bad Debt, Recovery and Provision - Doubtful Debt and Provision for Doubtful Debt
Accruals and Prepayments - Revenue and Expenses
FA1 Topic 7 Accounts Receivables
FA1 Topic 7 Final Accounts

8. ASSESSMENTS

This is where your knowledge will be tested

13 sections
Sem 3, 2021/2022 - Ex1 - Introduction, classification of accounts and accounting equation
Sem 3, 2021/2022 - Quiz 1 - Journal Entries for Transactions and Trial Balance
Sem 3, 2021/2022 - Ex2 - Cashbook
Assessment 4 - Bank Reconciliation Q2
Assessment 6 - Final Accounts - Q3
Assessment 5 - Adjustments - Ready Player One - Ex 3
Group Assignment - Sem 1, 2021/2022
Common Test - Sem 1, 2021/2022
Sem 3, 2021/2022 - Quiz 2 - Accounts receivables and Depreciation
Sem 3, 2021/2022 - Quiz 3 - Financial Statements with Adjustments
Sem 3, 2021/2022 - Group Assignment - Ready All Players
Sem 3, 2021/2022 - Ex 3 - Adjustment: Accruals and Prepayment and Adjustments of Profit and Loss
Testing quiz

9. Videos

12 sections
FA1 - Topic 1&2 - Part 1 - Introduction to Accounting
FA1 - Topic 1&2 - Part 2 - Accounting Equation
FA1 - Topic 3&4 - Part 1 - Transactions, Journal Entries and Ledgers
FA1 - Topic 3&4 - Part 2 - Journal Entries, Ledgers and Trial Balance
FA1 - Topic 5 - Part 1 - Financial Statement - SOPL
FA1 - Topic 5 - Part 2 - Financial Statement - SOFP
FA1 - Depreciation
FA1 - Accounts Receivables
FA1 - Final Accounts
FA1 - Cashbook
FA1 - Bank Reconciliation
Revision
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