TAILIEUCHUNG - BASIC FINANCIAL ACCOUNTING: SYLLABUS CONTENT

The SNA defines basic units as legal entities entitled with complete capacity of taking any economic decision regarding production, consumption, investment, acquisition of financial assets or liabilities, etc. These 'institutional units' are typically enterprises, central or local government institutions or households. Regarding production analysis, the SNA chooses smaller units which are better correlated to particular products or groups of products, or more homogenous. They are called 'establishments'. An establishment is a part of an enterprise that is situated in a single location and which engages predominantly in one kind of economic activity. Equivalent units need to be defined for ecosystems. Using specific statistical units for ecosystems instead of using economic or administrative units is a major step. | Basic Financial Accounting Syllabus Content Accounting systems - 20 Ledger accounts double-entry bookkeeping. D - Preparation of accounts - 45 Trading profit and loss accounts and balance sheets from trial balance accounting for the appropriations of profit. 1 Financial statements are produced to give information to the users. As mentioned earlier the most important financial statements are the income statement and balance sheet. These are prepared under the separate entity concept. The separate entity concept means the business is treated separately from its owners. This applies to sole traders partnerships and incorporated companies. The Balance sheet The top half of the balance sheet shows all the assets owned by the business. The assets are either non current or current. The bottom half off the balance sheet shows capital reserves and liabilities. The liabilities are either non current or current. Items in balance sheet Description Examples Non current assets These are long term assets used to generate profit. The business will hold on to these assets for more than one year. Land buildings plant machinery fixtures fittings and motor vehicles Current assets Short-term assets used for the day-to-day operations. These assets are for less than one year. Inventories trade receivables and cash Non current liabilities These are long term liabilities over one year which are owed to third parties. Long term bank loans Current liabilities These are liabilities owed to third parties but which are due in less than one year s time Trade payables taxation and bank overdraft. Capital This is what the owners have put into the business as investment and therefore are owed by the entity. Share capital or cash. Owners can withdraw capital and this is known as drawings. Dividends for incorporated entities. Accumulated profit or loss Reserves This is the profit or loss that the business has made. It belongs to the owners. Income - Expenses profit or loss 2 The income statement

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