,# 1997 University of South Africa
Revised edition 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2016
All rights reserved
Printed and published by the
University of South Africa
Muckleneuk, Pretoria
FAC1502/MO001/4/2017
70457611
3B2
ACN-Style
, CONTENTS
Introduction and overview of the module (v)
Topic A THE BASIC PRINCIPLES AND SPHERES OF ACCOUNTING 1
STUDY UNIT 1: THE NATURE OF ACCOUNTING THEORY, PRINCIPLES,
ACCOUNTING POLICY, PRACTICE AND PROCEDURES 3
STUDY UNIT 2: THE FINANCIAL POSITION 12
STUDY UNIT 3: THE FINANCIAL PERFORMANCE (RESULT) 18
STUDY UNIT 4: THE DOUBLE-ENTRY SYSTEM AND THE ACCOUNTING
PROCESS 22
Topic B COLLECTING AND PROCESSING THE ACCOUNTING DATA OF
ENTITIES 57
STUDY UNIT 5: PROCESSING ACCOUNTING DATA 59
STUDY UNIT 6: ADJUSTMENTS 98
STUDY UNIT 7: THE CLOSING-OFF PROCEDURE, DETERMINING
PROFIT OF AN ENTITY AND PREPARING
FINANCIAL STATEMENTS 116
Topic C ACCOUNTABILITY FOR CURRENT AND NON-CURRENT ASSETS 167
STUDY UNIT 8: CASH AND CASH EQUIVALENTS 169
STUDY UNIT 9: TRADE AND OTHER RECEIVABLES 191
STUDY UNIT 10: INVENTORY 220
STUDY UNIT 11: PROPERTY, PLANT AND EQUIPMENT 230
STUDY UNIT 12: OTHER NON-CURRENT ASSETS 259
Topic D ACCOUNTABILITY FOR CURRENT AND NON-CURRENT LIABILITIES 263
STUDY UNIT 13: CURRENT LIABILITIES 265
STUDY UNIT 14: NON-CURRENT LIABILITIES 277
Topic E ACCOUNTING REPORTING 285
STUDY UNIT 15: FINANCIAL STATEMENTS OF A SOLE
PROPRIETORSHIP 287
STUDY UNIT 16: NONPROFIT ENTITIES 314
STUDY UNIT 17: INCOMPLETE RECORDS 342
FAC1502/1/MO001/4/2017 (iii)
, Aims of this module
After having studied this module, you should be able to
. apply the basic principles of accounting
. gather, process and record relevant information and prepare basic statement of profit or
loss and other comprehensive income (income statement), statement of changes in equity
and statement of financial position (balance sheet)
. record assets properly and be accountable for assets
. record liabilities properly and be accountable for liabilities
. keep proper records to ascertain the financial performance and financial position of sole
proprietors and non-profit entities
. prepare proper books from incomplete records
NOTE
ALL REFERENCES TO ‘‘ACCOUNTING’’ IN THIS STUDY GUIDE MEANS ‘‘FINANCIAL
ACCOUNTING’’.
(iv)
Revised edition 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2016
All rights reserved
Printed and published by the
University of South Africa
Muckleneuk, Pretoria
FAC1502/MO001/4/2017
70457611
3B2
ACN-Style
, CONTENTS
Introduction and overview of the module (v)
Topic A THE BASIC PRINCIPLES AND SPHERES OF ACCOUNTING 1
STUDY UNIT 1: THE NATURE OF ACCOUNTING THEORY, PRINCIPLES,
ACCOUNTING POLICY, PRACTICE AND PROCEDURES 3
STUDY UNIT 2: THE FINANCIAL POSITION 12
STUDY UNIT 3: THE FINANCIAL PERFORMANCE (RESULT) 18
STUDY UNIT 4: THE DOUBLE-ENTRY SYSTEM AND THE ACCOUNTING
PROCESS 22
Topic B COLLECTING AND PROCESSING THE ACCOUNTING DATA OF
ENTITIES 57
STUDY UNIT 5: PROCESSING ACCOUNTING DATA 59
STUDY UNIT 6: ADJUSTMENTS 98
STUDY UNIT 7: THE CLOSING-OFF PROCEDURE, DETERMINING
PROFIT OF AN ENTITY AND PREPARING
FINANCIAL STATEMENTS 116
Topic C ACCOUNTABILITY FOR CURRENT AND NON-CURRENT ASSETS 167
STUDY UNIT 8: CASH AND CASH EQUIVALENTS 169
STUDY UNIT 9: TRADE AND OTHER RECEIVABLES 191
STUDY UNIT 10: INVENTORY 220
STUDY UNIT 11: PROPERTY, PLANT AND EQUIPMENT 230
STUDY UNIT 12: OTHER NON-CURRENT ASSETS 259
Topic D ACCOUNTABILITY FOR CURRENT AND NON-CURRENT LIABILITIES 263
STUDY UNIT 13: CURRENT LIABILITIES 265
STUDY UNIT 14: NON-CURRENT LIABILITIES 277
Topic E ACCOUNTING REPORTING 285
STUDY UNIT 15: FINANCIAL STATEMENTS OF A SOLE
PROPRIETORSHIP 287
STUDY UNIT 16: NONPROFIT ENTITIES 314
STUDY UNIT 17: INCOMPLETE RECORDS 342
FAC1502/1/MO001/4/2017 (iii)
, Aims of this module
After having studied this module, you should be able to
. apply the basic principles of accounting
. gather, process and record relevant information and prepare basic statement of profit or
loss and other comprehensive income (income statement), statement of changes in equity
and statement of financial position (balance sheet)
. record assets properly and be accountable for assets
. record liabilities properly and be accountable for liabilities
. keep proper records to ascertain the financial performance and financial position of sole
proprietors and non-profit entities
. prepare proper books from incomplete records
NOTE
ALL REFERENCES TO ‘‘ACCOUNTING’’ IN THIS STUDY GUIDE MEANS ‘‘FINANCIAL
ACCOUNTING’’.
(iv)
