001_2008_4_b - CONTENTS STUDY UNIT 1 2 3 4 5 6 7 8 9 10 11...

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ASK131-U STUDY GUIDE 1 CONTENTS STUDY UNIT TOPIC PAGE 1 Accounting as an information system 3 2 The business organisation 8 3 Financial reporting 20 4 The accounting cycle 32 5 Components of the financial statements 42 6 The accounting equation 60 7 Percentages, pricing and value-added tax 76 8 Financial statement analysis 95 9 Corporate governance and ethics 123 10 The time value of money 130 11 Cost-volume-profit analysis 157 12 Budgeting 177 13 Standard costs 205 14 Marketing costs 226 15 Payroll accounting 234 16 Bank reconciliation statements 262
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ASK131-U STUDY GUIDE 2 In terms of the COPYRIGHT ACT 98 OF 1978, no part of this material may be reproduced, be stored in a retrieval system, be transmitted in any form or be published, redistributed or screened by any means (electronic, mechanical, photocopying, recording or otherwise) without prior written permission from UNISA. However, permission to use in these ways any material in this work that is derived from other sources must be obtained from the original source. Sixth Edition 2008
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ASK131-U STUDY GUIDE 3 STUDY UNIT 1 Accounting as an information system LEARNING OUTCOMES After studying this chapter, you should be able to: define accounting and explain its purpose identify the users of accounting information in the financial statements and their needs distinguish between financial accounting and management accounting distinguish between accounting and bookkeeping
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ASK131-U STUDY GUIDE 4 Chapter Outline What is accounting? Accounting defined Users of accounting information Careers in accounting The bookkeeper The accountant The specialist Chapter summary Self-assessment questions
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ASK131-U STUDY GUIDE 5 1.1 WHAT IS ACCOUNTING? Accounting is a specialised method used to communicate financial information. This communication is via the financial statements of an entity. The objective of accounting is to enable the users of financial information to ascertain readily what the financial position of the entity is, which means: a) how much the entity owe to others b) how much other people owe the entity c) the nature and amount (in value) of the various kinds of property the entity possess d) the nature and amount of the expenses of the entity e) the amount and source of the entity’s gains, and of it’s expenses and losses over any given period f) the aggregate result of the entity’s trading operations for any given time, i.e. it’s profit and loss g) the amount of the entity’s capital h) the true state of the entity’s financial affairs Accounting defined Accounting is the process of measuring, recording, classifying and summarising financial information that is used in making economic decisions. The ‘entity’ mentioned in the above definitions does not necessarily refer to a business organisation. It could just as well refer to an educational institution, a religious institution or a private household.
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This note was uploaded on 04/08/2010 for the course ICT ICT2621 taught by Professor Na during the Summer '10 term at University of South Africa.

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001_2008_4_b - CONTENTS STUDY UNIT 1 2 3 4 5 6 7 8 9 10 11...

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