AccountingBasics英语会计基础教学课件(12)期末复习

Week13RevisionandexampreparationThingstocoverthisweekSubjectevaluationExamoverviewPreparationtechniquesOverviewoftopicsRemember:ifyouhavesomethingtoaskmeaboutthefinalexam,ithastohappenNOW!!!i.e.whilethelectureishappening!!!!ThankyouExamoverview8questions.Nomultiplechoice.Problem-stylequestions.Similartotutorials.ChapterscoveredincludethoseAFTERmid-semester…Moreontheexamafterwereviewthechapters…Chapters…remembertheseones???Chapter6-Inventories–FIFO/LIFO/WAChapter7-AccountinginformationsystemsChapter8-InternalcontrolandcashChapter9-AccountingforreceivablesChapter11-CurrentliabilitiesChapter10-Non-currentassets(PPE)Chapter16-Non-currentliabilitiesChapter14-SharecapitalChapter15-Dividends&retainedearningsChapter19-FinancialstatementanalysisChapter18-CashflowstatementsChapter20-ManagementaccountingChapter23-BudgetingHowdothechaptersfittogether?ASSETSCashInventoriesAccountsreceivableNon-currentassetsLIABILITIESCurrentliabilitiesNon-currentliabilitiesEQUITYSharecapital,dividends&retainedearningsFINANCIALSTATEMENTANALYSISAnalysingfinancialstatementsChapter6-InventoriesChapter7-AccountinginformationsystemsChapter8-InternalcontrolandcashChapter9-AccountingforreceivablesChapter11-CurrentliabilitiesChapter10-Non-currentassets(PPE)Chapter16-Non-currentliabilitiesChapter14-SharecapitalChapter15-Dividends&retainedearningsChapter19-FinancialstatementanalysisWhataboutthesetopics?CASHFLOWSTATEMENTSOneofthecompulsoryfinancialstatementsforannualreportingbycompanies(alongwithBalanceSheetandIncomeStatement)AlotoffinancialinformationinthecashflowstatementMANAGEMENTACCOUNTINGImportanttounderstandthedifferencebetweenmanagementaccountinginformationandfinancialaccountinginformation.Understandinghowcostsinfluencebusinessactivitiesisimportantforallbusiness/commercemajors,notjustaccountingBUDGETINGBudgetingisabasiclifeskill!Alsoimportantforallbusiness/commercemajors,notjustaccounting.Overview|ASSETS~CashWhat’stheproblemwithcashfromabusinesspointofview?EVERYONEwantsit!!!So,weneedinternalcontrolprocedures.Afundamentalinternalcontrolprocedureforcashisthebankreconciliationstatement.InWeek5,ourexamplewasFriendsLtd.KeyitemsinabankreconciliationOutstandingdepositsUnpresentedchequesDishonouredchequesBankorcompanyerrorsBankchangesorcollectionsonbehalfofthecompanyAnyassociatedadjustingentriesthatmightberequiredOverview|ASSETS~AccountsreceivableWhatwe’reinterestedhereishowtoaccountformeasurementofaccountsreceivableandimpairment.Ifthereisimpairment,reduceaccountsreceivableviaDirectmethodAllowancemethodPercentageofsalesmethodAgeingofaccountsreceivablemethodKeythingstorememberwithallowancemethodIfusingpercentageofsalesmethodIGNOREanyexistingbalanceinimpairmentaccountIfusingageingmethodADJUSTforanyexistingbalanceinimpairmentaccountOverview|ASSETS~InventoriesHerewe’reinterestedincalculatingthevalueofendinginventorysowecancompletetheCOGScalculation…COGS=beginninginventory+netpurchases–endinginventory.NetpurchasesareeasytodetermineBUTthevalueofendinginventorymustbeestimated.Weusecostflowassumptionstodeterminethevalueofendinginventory.Firstin,Firstout(FIFO)Lastin,Firstout(LIFO)AveragecostKeythingstoremember:Thinkaboutwhatitisyouareworkingout…isitendinginventoryorCOGS?Overview|ASSETS~Non-currentassetsImportanttorecognisethatsometimesmanycostscancontributetotheactualcostofanasset(iemorethanjustpurchaseprice)Inthischapter,thefocusismostlyondepreciationmethodsStraightline(basedonyearsofusefullife)Unitsofproduction(basedonunitsofusefullife)Diminishing(orreducing)balanceOverview|LIABILITIES~CurrentliabilitiesTypesofcurrentliabilitieswe’vecoveredAccountspayableNotespayable–sameasaccountspayablebutwithinterestUnearnedrevenue–remembertheconcertexampleAccruedliabilities–provisionse.g.warrantyliabilityEstimateofthefuturecoststhatmaybeincurredforrepairingorreplacingdefectivegoodsTheamountoftheestimateforeachyearisrecordedasanadjustmenttotheWarrantyProvisionaccountNON-CURRENTLIABILITIESBonds,mortgages,leasesetcOverview|EQUITY~Sharecapital,dividends,retainedearningsSeveralelementsofshareissuingcovered.Mainfocus:IssuingofordinarysharespayablebyinstallmentsE.g.ifacompanywishestoissue10,000sharesatanissuepriceof$20persharewith$10payableonapplication,$5payableonallotmentand$5payableoncall.DividendsEquitystatementDateAccountDebitCreditApplicationdateCashtrustApplication100,000100,000AllotmentdateApplicationSharecapitalCashatbankCashtrustAllotmentSharecapitalAllotmentCashatbank100,000100,00050,00050,000100,000100,00050,00050,000CalldateCallSharecapitalCashatbankCall50,00050,00050,00050,000Overview|FinancialStatementAnalysisFinancialstatementanalysisHorizontalanalysisTrends/PercentagechangeUseabaseyearVerticalanalysisCommonsizestatementsUseabaseamountRatioanalysisLiquidityCurrentQuickAccrect/oInventoryt/oSolvencyDebttoassetsTimesinterestearnedProfitabilityProfitmarginAssett/oROAROEOverview|FinancialStatementanalysisCurrentratio=Currentassets=2:1CurrentliabilitiesQuickratio=Cash+mar