Accounting Lecture Notes 05

Accounting Lecture Notes 05 - Lecture 5: Financial...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
    Lecture 5: Financial Statements : Current  Assets (Stocks and Debtors) Learning objectives Links between the Profit and Loss Account and the Balance Sheet through: the Valuation of Stocks First in First Out, Last in First Out, Weighted Average, Lower of Cost and Net Realisable Value The valuation of Debtors Bad debts and Provision for doubtful debts Accounting principles Accruals and Prudence Read Chapter 3 of your text book Moodle: Income Statement and the Introduction on Understand Accounts
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Reminders Test on Moodle from 4 pm today. Assessment Quiz 1 Paper , calculator etc Answers available from 6 pm on Friday on Moodle Assessment Quiz 1 Feedback workshop next Tuesday (6 Nov), Thursday (8 Nov) and Friday (9 Nov) Register will be taken so please make sure you attend Times and venues are on Moodle Contact UG office for your slot
Background image of page 2
    the profit and loss account is closely linked with the balance sheet  in two ways:  they both reflect the change in wealth of the business most transactions are reflected once in both the profit and loss account and the balance sheet    valuation of the various items within the balance sheet is in accordance with the Companies Acts 1985/1989, accounting  concepts and standards   Profit and Loss and the   Balance Sheet slide 1    Profit and Loss and the  Balance Sheet (1)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
    Current Assets…Net Realisable  Values Valued in the balance sheet at cost unless there has been a decline in the value “Net realisable values” will be shown in the balance sheet…. How much can
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 20

Accounting Lecture Notes 05 - Lecture 5: Financial...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online