SEMESTER OCT 2024 - FEB 2025
Test 1 - Question & MCQ Self Test
ASSESSMENT
Test 1 30%
Test 2 30%
Group Project 1 - (Presentation) 15%
Final Project – (Simulation) 25%
PYQ Exercises
Seminar 1
- Lesson Plan
- Project 1
- Rubric Project 1
- Final project
- Rubric Final project
- Accounting overview
- Accounting introduction
- Accounting principles and concepts
- Accounting Classification
- Definition of accounting
- Differentiate between accounting and bookkeeping
- Functions of financial statements
- Main user groups of financial statements
- Accounting cycle
- Various forms of business (Sole trader of merchandising and services enterprise, partnership and private & companies)
Seminar 2
Seminar 3
Seminar 4
Fundamental qualitative characteristics
- Relevance
- Faithful representation
Enhancing qualitative characteristics
- Comparability
- Verifiability
- Timeliness
- Understandability
Accounting assumptions and concepts
- Going concern
- Historical cost
- Economic entity
- Money measurement
Statement of Financial Position format and its elements
Basic accounting equation
Effects of transactions on the basic accounting equation
Expanded accounting equation.
Effects of transactions on the expanded accounting equation
Double entry rules
Ledger entries
Balancing off ledger account
Pre-adjusted trial balance
Pre-adjusted financial statements
- PYQ 2021 Febuary
- PYQ 2021 August
- PYQ 2019 June
Seminar 4
Introduction to source documents
Types of journals:
- Sales journal
- Purchases journal
- Return inwards journal.
- Return outwards journal.
- Cash Receipts Journal
- Cash Payments journal
- General journal
Types of ledgers
- Sales ledger
- Purchases ledger
- General ledger
Recording process from source documents to journals and posting to ledgers
Seminar 5
Adjustments of accruals and prepayments through ledger accounts
Bad debts and bad debts recovered
Doubtful debts and Allowance for doubtful debts using allowance method
Capital expenditure and revenue expenditure
Depreciation of non- current assets (the cost of non-current assets should already
include the amount of capital expenditure)
- Definition of depreciation based on MFRS116
- Factors causing depreciation
- Show calculation for depreciation using straight line and reducing balance method on yearly basis only
Preparation of financial statements using vertical format presentation Relate to accounting assumptions and concepts used such as:
- Accruals based concept (accruals and prepayments of expenses and revenue; depreciation)
- Neutrality concept (allowance for doubtful debts)
- Business entity concept (drawings and personal transactions)
- Going concern (the measurement of assets in the financial statements)
- Money measurement concept
Seminar 7
Definition of partnership.
Formation of Partnership
Characteristics of Partnership
- Explain the advantages and disadvantages of partnership as a form of business ownership compared to a sole trader and limited liability company
- Explain the purpose and the main content of a partnership agreement.
- Explain the requirements of Section 26 of the Partnership Act 1961
- Compute and record partners’ share of profits/losses, interest on capital, salaries, drawings and interest on drawings
- Prepare partners’ current accounts and partners’ capital accounts
- Preparation of financial statements for partnership:
- Statement of Profit or Loss
- Appropriation Statement
- Statement of Financial Position
- Assets revaluation
- Goodwill
- Incorporate the change in partnership (admission, retirement or change in profit sharing ratio) in the Appropriation account and in the capital and/or current accounts
SEMESTER OCT 2023 - FEB 2024
ACC406 is designed to provide:
- a fundamental understanding of the basic accounting concepts,
- principles and techniques of double entry system,
- procedures in preparing financial statements of a sole trader for merchandising and service enterprise
- and procedures in preparing financial statements of a partnership business.
This course aims to provide students with:
- the basic accounting knowledge of the total recording process as well as maintenance of full set of accounts that a business organisation should keep.
- It is also designed to develop the student’s skill in preparing financial statements for partnership, simple changes in partnership and accounting treatment for asset revaluation and changes in goodwill.
Carry marks - Test 1
Video (Projek 1)
Seminar 1
- Lesson Plan
- Project 1
- Rubric Project 1
- Final project
- Rubric Final project
- Accounting overview
- Accounting introduction
- Accounting principles and concepts
- Definition of accounting
- Differentiate between accounting and bookkeeping
- Functions of financial statements
- Main user groups of financial statements
- Accounting cycle
- Various forms of business (Sole trader of merchandising and services enterprise, partnership and private & companies)
Seminar 2
Seminar 3
Seminar 4
Fundamental qualitative characteristics
- Relevance
- Faithful representation
Enhancing qualitative characteristics
- Comparability
- Verifiability
- Timeliness
- Understandability
Accounting assumptions and concepts
- Going concern
- Historical cost
- Economic entity
- Money measurement
Statement of Financial Position format and its elements
Basic accounting equation
Effects of transactions on the basic accounting equation
Expanded accounting equation.
Effects of transactions on the expanded accounting equation
Double entry rules
Ledger entries
Balancing off ledger account
Pre-adjusted trial balance
Pre-adjusted financial statements
- PYQ 2021 Febuary
- PYQ 2021 August
- PYQ 2019 June
Seminar 4
Introduction to source documents
Types of journals:
- Sales journal
- Purchases journal
- Return inwards journal.
- Return outwards journal.
- Cash Receipts Journal
- Cash Payments journal
- General journal
Types of ledgers
- Sales ledger
- Purchases ledger
- General ledger
Recording process from source documents to journals and posting to ledgers
Seminar 5
Adjustments of accruals and prepayments through ledger accounts
Bad debts and bad debts recovered
Doubtful debts and Allowance for doubtful debts using allowance method
Capital expenditure and revenue expenditure
Depreciation of non- current assets (the cost of non-current assets should already
include the amount of capital expenditure)
- Definition of depreciation based on MFRS116
- Factors causing depreciation
- Show calculation for depreciation using straight line and reducing balance method on yearly basis only
Preparation of financial statements using vertical format presentation Relate to accounting assumptions and concepts used such as:
- Accruals based concept (accruals and prepayments of expenses and revenue; depreciation)
- Neutrality concept (allowance for doubtful debts)
- Business entity concept (drawings and personal transactions)
- Going concern (the measurement of assets in the financial statements)
- Money measurement concept
Seminar 7
Definition of partnership.
Formation of Partnership
Characteristics of Partnership
- Explain the advantages and disadvantages of partnership as a form of business ownership compared to a sole trader and limited liability company
- Explain the purpose and the main content of a partnership agreement.
- Explain the requirements of Section 26 of the Partnership Act 1961
- Compute and record partners’ share of profits/losses, interest on capital, salaries, drawings and interest on drawings
- Prepare partners’ current accounts and partners’ capital accounts
- Preparation of financial statements for partnership:
- Statement of Profit or Loss
- Appropriation Statement
- Statement of Financial Position
- Assets revaluation
- Goodwill
- Incorporate the change in partnership (admission, retirement or change in profit sharing ratio) in the Appropriation account and in the capital and/or current accounts
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