Week 1 1B2013s2 WK1 HANDOUT

Week 1 1B2013s2 WK1 HANDOUT - School!of!Accounting...

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School of Accounting ACCT 1511: Accounting and Financial Management 1B Semester 2, 2013 Class 1 Financial Reporting Principles & Accounting Standards Student Handout Contents: 1. Learning Objectives (LO) 2. Tutorial Questions 3. Lecture Materials Website: http://telt.unsw.edu.au
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1 Introduction and Learning Objectives At the end of this week, you should: LO1. Know that the course outline provided is the source of reference throughout the session for everything relating to the course ACCT1511 and that the course Blackboard is the main medium of communication with the staff, other than faceRtoRface consultation. LO2. ±ecall structures of annual report and construct simple financial statements. LO3. ±evise the concept of double entry bookkeeping and accrual accounting and completing tRaccounts from AFM 1A. LO4. Introduction to differences between rulesRbased accounting and principlesR based accounting. LO5. Demonstrate principles, conventions, and assumptions that are consolidated in the Framework for the Preparation of Financial Statements. Required Readings Required Readings ACCT1511 Course Outline Trotman, Gibbins & Carson (TGC) – Chapter 6.1R6.3, 6.5R6.6 Framework for the Preparation and Presentation of Financial Statements (Available on Blackboard) Additional References http://www.aasb.com.au For Week 1 Lecture 1. Bring ACCT1511 Course Outline. 2. Bring this handout (including all the attachment). 3. Prior to the lecture, familiarise yourself with the ACCT 1511 Blackboard Space.
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2 Tutorial Questions for Topic 1 PASS Class Preparation Question Trotman, Gibbins & Carson (TGC) Problem 6.3 Tutorial Preparation Questions: TGC Problem 5.9 (revision of AFM1A) Problem 5.13 – only 1 and 2 (for 2, prepare ledgers only for balance sheet accounts) Problem 5.16 (revision of AFM1A) Problem 5.24 Problem 6.4 (Issues 1,3,4,5,6,7 only) Tutorial Homework Questions: Past Exam Question: Question 1 from Mid-semester Exam 2011, Semester 2 (see below) Tutorial Group Work Allocation: Group 1: Past Exam Question Part A Group 2: Past Exam Question Part B Group 3: Past Exam Question Part C Group 4: Past Exam Question Part D
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3 PAST EXAM QUESTION (ADAPTED) – Question 1, Mid Session Exam 2011 Semester 2 The following information is taken from the accounts of Whisky-in-the-Jar Ltd. for the year-ended 31 December, 2010: $ Accounts receivable, 1 January, 2010 95,000 Accounts receivable, 31 December, 2010 65,000 Allowance for doubtful debts, 1 January, 2010 15,000 Allowance for doubtful debts, 31 December, 2010 7,000 Inventory, 1 January, 2010 90,000 Inventory, 31 December, 2010 110,000 Accounts Payable, 1 January, 2010 80,000 Accounts Payable, 31 December, 2010 60,000 Credit sales 400,000 Cash sales 110,000 Cost of goods sold 420,000 Bad debts expense 12,000 Required: (a) Calculate total cash received from customers for the year ending 31 December 2010. Use the traditional method for T-accounts (i.e. not the short-cut method) where applicable. Show all workings. [3 marks] DO NOT WRITE OUTSIDE THE BOX
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4 (b) Write the journal entries to recognise bad debts expense and any bad debt write- off. [2 marks] DO NOT WRITE OUTSIDE THE BOX (c) With reference to the accounting concept of the
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Week 1 1B2013s2 WK1 HANDOUT - School!of!Accounting...

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