Principles of Accounting II.pdf - LIFE MAP – INSTITUTE OF...

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LIFE MAP – INSTITUTE OF HIGHER LEARNINGPRINCIPLES OF ACCOUNTING IIDEPARTMENT OF ACCOUNTINGACFN 212PART ONEACCOUNTING FOR INVENTORIES ANDLONG-TERM ASSETSOctober 2018
Principles of Accounting IIiTable of ContentsPageCourse Introduction..............................................................................................................iPart Introduction...................................................................................................................iiUNIT ONE:ACCOUNTING FOR INVENTORIES......................................................1Study session 1:Nature and Importance of Inventories..........................................1Study session 2:The Effects of Inventories on Financial Statements.....................2Study session 3:Inventory Systems: Periodic Vs Perpetual....................................6Summary...............................................................................................................................11Review question 1..................................................................................................................11UNIT TWO:DETERMINING THE COST OF INVENTORY....................................13Study session 1:Cost of Merchandise Inventories..................................................13Study session 2:Inventory Costing Methods under Perpetual Inventory System....16Summary...............................................................................................................................20Review question 2..................................................................................................................21UNIT THREE:ADDITIONAL VALUATION PROBLEMS FORINVENTORIES........................................................................................22Study session 1:Inventory Valuation:Lower of Cost or Market (LCM) Method ..22Study session 2:Estimating Inventory Cost............................................................24Summary...............................................................................................................................26Review question 3..................................................................................................................27UNIT FOUR:ACCOUNTING FOR PLANT ASSETS AND DEPRECIATION.......28Study session 1:Nature and Meaning of Long-Term Assets...................................28Study session 2:Methods of Computing Depreciation............................................31Study session 3:Other Topics in Depreciations.......................................................37Summary...............................................................................................................................42Review question 4..................................................................................................................44UNIT FIVE:DISPOSAL OF PLANT ASSETS...............................................................45Study session 1:Disposal of Plant Assets.................................................................45Study session 2:Accounting for Intangible Assets and Natural Resources............51Summary...............................................................................................................................53Review question5...................................................................................................................54Answer Key to Activities and Review questions...................................................................55
Principles of Accounting IIiiCourse ReviewDear learner! Welcome to the course “Principles of Accounting II”. This course is a continuationfrom your previous course, “Principles of accounting I”. In this course you will cover crucial accountingconcepts that serve as a necessary input for your other courses. The appropriate measurement andrecording of your company resources and proper allocation and apportionment of these resources in linewith their consumption will be the core area of emphasis through out this course. In addition to these,necessary accounting concepts and principles as well as the detail accounting treatment of the two majorforms of business organizations, i.e. partnership and corporate type, are covered in this course.To assist you in your study, this course has been classified in two major Parts. As you hopefullyremember in your previous study the two major asset categories are current assets and long term assets.Part one, “Accounting for Inventories and Long-term Assets”, covers the measurement and accountingtreatment of the two major asset categories, namely, merchandise inventories and plant assets. The secondPart deals with payroll accounting, accounting concepts and principles.The nature and accounting aspect of partnership and corporate type of business enterprises are discussedin Part Two. This Part covers main topics of the two forms of business organizations starting from theirdate of formation throughout their life of operation and possibly termination of their business activity.

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