Topic 4 - Special Journals, Subsidiary Ledgers and Conceptual Framework.pptx - Topic 4 Special Journals Subsidiary Ledgers AND the Conceptual Framework

Topic 4 - Special Journals, Subsidiary Ledgers and Conceptual Framework.pptx

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Topic 4- Special Journals, Subsidiary Ledgers AND the Conceptual Framework Special Journals Control and Subsidiary Ledgers 控制和子公司分类账 Fundamental Corporate Reporting Concepts/Issues o Accounting Regulations 会计法规 o The Conceptual Framework o Measurement 测量 o Corporate Governance 公司治理 o Audit o Professional Code of Ethics 职业道德规范 o Non-financial Information 非财务信息
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Upon completing this topic you should be able to: S 2 1. Understand the role of special journals, subsidiary ledgers and control accounts within the accounting recording system 2. Be able to record transactions using special journals, subsidiary ledgers and control accounts 3. Explain GAAP 4. Outline regulatory bodies in Australian financial reporting system 5. Describe the set of principles that guide the preparation of financial statements per the Conceptual Framework 6. Understand different measurement alternatives 7. Explain the need for corporate governance and its key components 解释公司治理及其关键组成部分的必要性 8. Explain the purpose of an audit 9. Appreciate professional code of ethics in the accounting profession 10. Describe the effect of financial information on the capital market 11. Appreciate the role of integrated reporting and the impact of non-financial information on stakeholders’ decision making 了解综 合报告的作用以及非财务信息对利益相关者决策的影响
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The following information relates to Ray Consulting. Prepare the adjusting entries that should be recorded for Ray Consulting at 30 June 2017. 1. On 1 May 2017, Ray Consulting made a prepayment of $12,000 to the local magazine for an advertisement to run each Friday for 24 weeks. At 30 June, 8 ads have been run. 2. Ray Consulting reported $4,000 office supplies at 1 July 2016. During the year, $3,000 office supplies was purchased. The year-end count showed $2,000 of supplies on hand. 3. Ray Consulting provided IT advice to Dhayani Enterprise at the end of June, but did not record the service for $4,000. Revision Question/Case Study 3 S 3 Refer previous week’s lecture slides (Solution to this question will NOT be provided on CloudDeakin – Please check and note down the solution/discussion in the seminar or when listening to online recording)
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4. Depreciation for the office equipment of $10,000 was estimated for the year ended 30 June 2017. 5. On 15 April 2017, Ray Consulting received $20,000 from Priya Inc. for consulting work to be performed for several months. At June 30, revenue amounted to $8,000 was earned. 6. Ray Consulting obtained a five year bank loan of $500,000 at 8 per cent annual interest rate on 1 November 2016. The loan requires Ray Consulting to pay the interest quarterly. Ray Consulting paid quarterly interest on 1 February and 1 May.
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