FAC 1502 | Financial Accounting Principles, Concepts and Procedures

This module starts your Accounting journey. Our videos are designed for people who have never studied Accounting (or studied years ago!). We haven’t assumed any knowledge. Our videos focus on explaining the concepts really simply, so that you understand what you’re doing and why. This is going to save a lot of time, because there’s WAY too much in here for you to memorise.

FAC1502 start by explaining why we need Accounting and what it is. From there it explains how to record transactions on a daily basis, what you need to do at the end of the month, and then at the end of the year. From what you do with an invoice to what the Financial Statements look like. It’s a pretty large syllabus, so you need to work quite quickly through it.

It’s a practical module, you’ll need to complete formats of these records and Financial Statements, so you can’t be studying theory! Our videos also cover two past exams, showing you what the questions look like and how to answer them.

Your lecturer will be on the discussion forum to keep an eye on you and help you with any queries. They will also motivate and guide your efforts throughout the semester, to make sure you don’t spend too much time on one thing and don’t finish the syllabus!

TOPICS/STANDARDS

• The Nature of Accounting Theory, Principles, Accounting Policy, Practice and Procedures
• Financial Position
• The Financial Performance - The Result
• The Double-Entry System and the Accounting Process
• Financial Accounting Concepts, Principles and Procedures
• Processing Accounting Data (VAT, sales and purchases journals)
• Adjustments
• The Closing-off Procedure, Determining Profit of an Entity and Preparing Financial Statements
• Cash and Cash Equivalents
• Trade and Other Receivables
• Inventory
• Property, Plant and Equipment
• Other Non-Current Assets
• Current Liabilities
• Non-Current Liabilities
• Financial Statements of a Sole Proprietorship
• Non Profit Entities
• Incomplete Records

PLEASE NOTE: THIS COURSE IS DESIGNED TO SUPPORT THE 1ST SEMESTER IN 2024 ONLY. PURCHASE WILL GIVE YOU ACCESS TO THIS COURSE UNTIL THE MAY/JUN EXAMINATIONS HAVE BEEN WRITTEN.