FAC 1601 | Financial Accounting and Reporting

FAC1601 uses the knowledge you learnt from FAC1502. It assumes you know how to create basic Financial Statements, and then builds on that by adding new transactions and accounts, and another financial statement - the Cash Flow Statement.

It introduces you to Partnership Accounting (as opposed to Accounting for Companies, which is what FAC1502 covers). Although this is tricky, you’ll use most of your accounting knowledge for this, so you just need to focus on the areas where partnerships are different to companies.

This module is shorter than FAC1502, but don’t let that fool you! There are some tricky things in here that will take some time to get comfortable with, and will need a lot of practice. Our videos will help save you time on the explanations, but you’ll need to practice the work!

Your lecturer will be on the discussion forum to keep an eye on you, answer any questions you have, motivate you, and guide you on what to focus on.

TOPICS/STANDARDS

• Introduction to the Preparation of Financial Statements
• Financial statements of a Sole Proprietorship
• Establishment and Financial Statement of a Partnership
• Changes in the Ownership Structure of Partnerships
• The Liquidation of a Partnership
• Close Corporations
• Introduction to Companies
• Statement of Cash Flows
• Analysis and interpretation of Financial Statements
• Revision - Property, Plant and Equipment (Revision of your basics from FinAcc 1A)

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.