FAC1502 - Financial Accounting concepts

Independent tuition and support for the UNISA module FAC1502 - Financial accounting concepts, principles and procedures
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  • Lectures 204
  • Contents Video: 18.5 hours
    Other: 7.5 hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
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About This Course

Published 7/2015 English

Course Description

We've created a course to help FAC1502 students pass their UNISA exams. Learn and master the topics of this first year Accounting module

  • Understand the accounting concepts so you can answer different questions easily
  • Learn the formats needed for questions
  • Practice exam technique to help you 'gather' marks in the exam

I've built this course to help all UNISA FAC1502 students. If you haven't studied before, if you've forgotten what you learnt at school, or even if you're happy with your understanding and just need to learn how to pass the exams with your knowledge, you will find this course very valuable.

As a lecturer, I focus on WHY you're studying each topic, not just HOW to do it. Also, I can help you gather marks in your questions, even if you're not 100% comfortable with the whole answer.

Remember, we're NOT part of UNISA, but our experience with lecturing UNISA students over the years can help you pass first time!

What are the requirements?

  • I designed the course to include as much of the theory as possible, to help reduce the amount you need to refer to the textbook
  • No additional software or resources are required, everything you need is included in this course.

What am I going to get from this course?

  • At the end of my course, students will be able to… write and pass their UNISA FAC1502 exam
  • You will learn and understand the basics of Accounting to apply in business, or in your future studies

What is the target audience?

  • Who should take this course? Who should not? Students who are registered for the UNISA FAC1502 exam, or students who need to gain a better understanding of Accounting basics
  • This will help you even if you've NEVER studied Accounting before. My explanations are simple and the lectures are easy to follow

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: INTRODUCTION, GUIDANCE AND OVERVIEW
04:45

Welcome students!


As you begin your journey of your Accounting studies, we hope to partner with you and provide support, guidance, explanations and interactions that will help you reach your goals.
I'm passionate about assisting you through this, so let's make a success of this!

Section 2: BACKGROUND TO FAC1502
06:28

Why is it important to know how to create and report on financial information?

This video is an introduction and covers the following topics:

What is the purpose of FAC1502:

  • Highlighting the importance of financial information
  • Teaches you processes to create financial information
  • Teaches you how to prepare financial statements for others
03:59

Be careful of approaching FAC1502 as a theory subject!

An overview of the chapters indicates how they fit into the subject

Section 3: SU1 - THE NATURE OF ACCOUNTING THEORY,PRINCIPLES,ACCOUNTING POLICY,PRACTICE
17 pages

Download these slides for this Study Unit (SU) before you proceed with the lectures. Please note that the layout is set as two slides per page

05:19

We will break down the definition of Accounting to explain our Accounting studies

Break-down of the accounting definition:

  • Orderly and systematic
  • Identify and record monetary values
05:40

Although we will focus on businesses in FAC1502, Accounting can be applied to individuals as well.

The definition of Accounting:

  • Accounting isn't just for businesses
  • Reporting of financial information
  • Providing financial information to users
03:50

There are different types of ownership structures, we will deal mainly with companies in FAC1502.

Different ownership structures and types of businesses

03:52

Understand the types of users and what they need from your financial information.

03:04

There are some underlying concepts you need to know before learning what the financial statements look like.

This video covers the following topics:

  • The AFS
  • The objective of the AFS
  • The usefulness of the AFS
06:09

IFRS includes the Qualitative characteristics within the Conceptual Framework.

The qualitative characteristics:

  • Relevance
  • Faithful representation

Further, enhancing characteristics:

  • Comparability
  • Verifiability
  • Understandability
  • Timeliness
03:24

Your financial information is presented on the assumption that your business will continue in the next 12 months

03:11

An introduction to what the Financial Statements include

Financial Statements:

  • Statement of Profit or Loss and other Comprehensive Income
  • Statement of Financial Position
  • Statement of Changes in Equity
  • Statement of Cashflows
07:25

Take a look at the formats, you'll be spending a lot of time preparing these! We'll be going into more detail on these in Study Units to come

A basic format of the Statement of Profit and Loss and Other Comprehensive Income

  • Make sure you can recreate this format for exams. The heading, and account names are very important to get right
02:15

We'll be learning the details of these in the next Study Units.

The elements of the Financial Statements

  • These form the main 'categories' of how the information is presented. You will study these in a lot more detail in the next few study units
Section 4: SU2 - THE FINANCIAL POSITION
19 pages

Download these slides for this Study Unit (SU) before you proceed with the lectures. Please note that the layout is set as two slides per page.

1 page

Remember the business example in the Background videos?

(We discussed a business that manufactures and sells jeans)

Let's use that example to consider the types of information your users may want to know about your business.

Once you've thought about what type of information other people may want to know about your business, then watch the next lecture, which will discuss this further.

04:46

After looking at the business example, let's discuss what information you will include in your Statement of Financial Position

Financial Position:

  • Where the money comes from
  • Where the money goes
  • What portion belongs to the owners
10:39

The owners share (Equity) is everything the business owns less everything the business owes. Thus, the owners get what's left!

Make sure you are VERY comfortable with the relationship between the elements of this equation... you will be using it A LOT!

1 page

Infographic on the definition of an asset

1 page

Infographic on the definition of a liability

07:48

We split Assets and Liabilties between current and non-current, learn why

A practical example of how to create a Statement of Financial Position in exams

  • Make sure you get this right, (even if you come back in two or three days and redo it), as the rest of your studies will use this as a basis for presenting financial information
1 page

The Double-entry system is vital to your accounting knowledge. We've created an infographic to help you get comfortable with the concept.

Article

An entity is an economic unit that can be reported on separately.

Article

Make sure you get the dates right when you're preparing Financial Statements in your exams!

Always make sure you know what yearend you should use in the exams! Read your questions carefully!

1 page

Download the question and attempt it using the format of the Statement of Financial Position,

You will need to use the following knowledge:

  • Format of the Statement of Financial Position (Study Unit 1)
  • Basic Accounting Equation (Study Unit 2)
  • Current and non-current Assets and Liabilities (Study Unit 2)
13:12

Watch this to see how to format your solutions, and what to be careful of in questions!

A practical example of how to create a Statement of Financial Position in exams

  • Make sure you get this right, (even if you come back in two or three days and redo it), as the rest of your studies will use this as a basis for presenting financial information
1 page

Use the formats from the solution video to base your future solutions on. Practice the formats and Accounting Equation

Section 5: SU3 -THE FINANCIAL PERFORMANCE
16 pages

Download these slides for this Study Unit (SU) before you proceed with the lectures. Please note that the layout is set as two slides per page.

1 page

As you manufacture your jeans and sell them, what financial information needs to be created?

What information should be taken into account when calculating the financial performance / result for the year?

02:12

After looking at the business example, let's discuss what information you will include in your Statement of Profit and Loss and other Comprehensive Income

Financial Performance:

  • Income
  • Expenses
07:34

Profit is calculated as Income less expenses.

In order for us to calculate this correctly, we need to know what classifies as Income and Expenses

Financial Performance:

  • Profit or Loss
Article

Some examples of the many types of Income and Expenses

07:13

The Profit increases the Equity. Make sure you're comfortable with this relationship!

The effect of Profit or Loss on Equity

1 page

Infographic explaining the difference between Revenue and Gains; Expenses and Losses.

Revenue and Expenses relate to transactions occurring during the 'normal course of business'

Article

Another part of the Annual Financial Statements

Article

These give additional information on items presented in the Financial Statements

Section 6: SU4 -THE DOUBLE-ENTRY SYSTEM AND THE ACCOUNTING PROCESS
27 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

8 pages

Download these handouts, you'll need them for the double-entry system example we're going to work through. Please note that the layout is set as one slide per page and consists of a total of 8 slides.

1 page

Go over the infographic on the double-entry system in Study Unit 2

12:26

Follow my explanation as I go through the first few transactions with you.

Please ensure you are completely comfortable with the reasons for each entry before you move on, then go back and attempt the rest yourself!

14:11

Follow the discussion as I work through the rest of the examples for the double-entry system question.

Make sure you understand the work. Don't learn them off by heart

10 pages

Download these for this section, you'll need them for the example we're going to work through for the General Ledger posting.

I've included:

  • The transactions and required
  • Blank GL format to use
  • GL solution
10:14

The examples we looked at in the previous lecture give us a lot of detail. In a business, we need to keep track of the amounts in the bank, how much people owe us, how much we owe, the amount we spend on different expenses etc.

Let's look at the format for this, and how we would record it.

11:27

Explanation on Debits and Credits.

This is vital for your understanding of how transactions are posted to the General Ledger

1 page

Infographic on the rules for each element of the AFS.

You need to learn the debits and credits for each element

10:33

There will be more than one transaction for each account in the General Ledger. If there is more than one transaction, we use the same account to post the transaction

09:41

Be careful when closing off accounts that have debit and credit transactions in them

09:47

Take a look at the way I've gone through the first few transactions, so you can post the rest of them to General Ledger accounts yourself!

07:43

Using the General Ledger we've finalised for Tim's Garden Services, what can we learn from his business? What does the General Ledger tell us, and what does it not tell us?

6 pages

Using the General Ledger we created for Tim's Garden Services, here's the Trial Balance that we would create.


I've included an 'unsorted' Trial Balance, and a 'sorted' one, to indicate the way the information can be better structured to make the AFS easier to compile.Please note that the layout is set as one slide per page and consists of a total of 6 slides.

10:13

The Trial Balance uses the information from the General Ledger, summarises the balances and makes it easier to prepare Financial Statements

06:47

Let's look at how we would create the Trial Balance from General Ledger information, and sort it in a way that would make life easier in an exam.

5 pages

Download these, we're going to use the Trial Balance we created to compile the Financial Statements. Please note that the layout is set as one slide per page and consists of a total of 5 slides.

I've included:

  • The completed Trial Balance
  • Blank AFS format
  • Completed AFS
14:15

Let's create the Financial Statements from the Trial Balance we generated for Tim's Garden Services:

  • The Statement of Profit or Loss and other Comprehensive Income
  • The Statement of Changes in Equity
13:52

We've compiled the Statement of Profit or Loss and other Comprehensive Income and the Statement of Changes in Equity, now let's compile the Statement of Financial Position

Section 7: SU5(A) -FINANCIAL ACCOUNTING CONCEPTS,PRINCIPLES AND PROCEDURES
16 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

5 pages

We'll need these for the Class Example we're going to do for the CRJ and GL

This includes:

  • Required
  • Format for the CRJ
  • Format for the GL
  • Solution for the CRJ
  • Solution for the GL
5 pages

We'll need these for the Class Example we're going to do for the CPJ and GL

This includes:

  • Required
  • Format for the CPJ
  • Format for the GL
  • Solution for the CPJ
  • Solution for the GL
07:29

Let's revise where we are in the Accounting Process thus far and identify what comes next.

10:23

The format of the General Journal

1 page

Why do we use the CRJ? Take a look at the infographic, then watch the video to make sure you can visualise what types of transactions belong in the CRJ

07:19

After checking out the infographic, watch this video on why we use the CRJ

14:22

Let's use the Class example to get used to the format and the entries in the CRJ. Use the blank CRJ provided in the Fussy Pet Foods Handout to complete as I talk you through it

Completing the CRJ:

  • Note that you can create different columns should your business receive cash from other sources on a regular basis
  • Also note what we use the Analysis of Receipts column for
08:18

As I talk through the posting of the CRJ to the GL, pay attention to the detail!

Again, use the blank GL I've provided to attempt this yourself.

1 page

Why do we use the CPJ? Take a look at the infographic, then watch the video to make sure you can visualise what types of transactions belong in the CPJ

05:50

After checking out the infographic, watch this video on why we use the CPJ

The CPJ - Note the following:

  • The types of payments
  • Payments from the bank account with no source documents
  • The need to tie up payments and bank statements
  • Posting to the GL
06:56

As we did with the CRJ, Let's use the Class example to get used to the format and the entries in the CPJ. Use the blank CPJ provided in the Fussy Pet Foods Handout to complete as I talk you through it

07:49

As I talk through the posting of the CPJ to the GL, pay attention to the detail!

Again, use the blank GL I've provided to attempt this yourself.

Completing the CPJ:

Section 8: SU5(B) -PROCESSING ACCOUNTING DATA
13 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

1 page

What is Value Added Tax (VAT)?

07:24

What is VAT?

Some details and theory you need to know, including the difference between Standard-rated, Zero-rated and exempt supplies.

07:18

How is VAT calculated?

There are a few tricky calculations related to VAT the you need to understand and be able to work with.
Make sure you follow the reasons for the calculations closely!

06:04

How do you calculate Inclusive VAT from Exclusive VAT, and vice-versa.

Be careful with your formulae!

08:31

Watch the processing of the General Journal and the General Ledger to see where the VAT you've calculated fits in.

Note the difference between questions that give you VAT inclusive vs VAT exclusive amounts! You need to watch the detail carefully!

Section 9: SU5(C) - PROCESSING ACCOUNTING DATA
7 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

9 pages

We'll need these for the Class Example we're going to do for the SJ and SRJ

This includes:

  • Required
  • Format for the SJ
  • Format for the SRJ
  • Format for the GJ
  • Format for the GL
  • Solution for the SJ
  • Solution for the SRJ
  • Solution for the GJ
  • Solution for the GL
08:08

We introduce the Sales Journal, including VAT, and show you what it looks like, along with a short example of how to post the transaction to the General Ledger

02:47

We introduce the Sales Returns Journal, including VAT, and show you what it looks like, along with a short example

10:45

Attempt the question on the Sales Journal and Sales Returns Journal, then watch the feedback videos

11:26

Attempt the question on the posting of the Sales Journal and Sales Returns Journal, then watch the feedback videos.

Note, the treatment of VAT in the GL and the Journals required to close VAT Output to the VAT Control account

Section 10: SU5(D) - PROCESSING ACCOUNTING DATA
8 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

9 pages

We'll need these for the Class Example we're going to do for the PJ and PRJ

This includes:

  • Required
  • Format for the PJ
  • Format for the PRJ
  • Format for the GJ
  • Format for the GL
  • Solution for the PJ
  • Solution for the PRJ
  • Solution for the GJ
  • Solution for the GL
04:12

We introduce the Purchases Journal, including VAT, and show you what it looks like, along with a short example of how to post the transaction to the General Ledger

01:54

We introduce the Purchases Returns Journal, including VAT, and show you what it looks like

06:13

We introduce the systems to deal with inventory once it's been purchased

09:49

Attempt the question on the Purchases Journal and Purchases Returns Journal, then watch the feedback videos

13:52

Attempt the question on the posting of the Purchases Journal and Purchases Returns Journal, then watch the feedback videos.

Note, the treatment of VAT in the GL and the Journals required to close VAT input to the VAT Control account

Section 11: SU6(A) -ADJUSTMENTS
20 pages

Download these slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

02:41

What are adjustments, and what will we cover?

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Instructor Biography

Tabaldi Accounting Education, Accounting and Financial Reporting specialists

Tabaldi Education is an organisation that specialises in Accounting and Financial Reporting training and consulting.

Our lecturing team at Tabaldi consists of a group of highly qualified Chartered Accountants who have lectured at undergraduate and postgraduate level, as well as having presented professional accounting training around the world.

Richard Starkey one of Tabaldi's leading lecturers has had years of experience lecturing and consulting for large international corporates, including the big four audit firms within South Africa. Listed companies in Europe, Africa and the Middle East. Richard is passionate about helping people master the basic principles of financial reporting, and takes an interactive journal driven approach to his lectures.

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