Fac1502 exam pack 2024(financial accounting principles concepts and
procedures)
Non-current Assets - -land and buildings
Furniture and equipment
Vehicles
Financial Assets
-Non-current Asset - -Assets of a more permanent nature which are essential in the process of
earning income
-Current Asset - -Assets which have a short lifespan and continually change in the normal
course of business
-Current Assets - -inventories
Debtors
Bills received
Cash at the bank
-Asset - -A resource controlled by the entity as a result of past events and from which future
economic benefits are expected to flow to the entity
-Liabilities - -Present obligations of the entity arising from past events, the settlement of which
is expected to result in an outflow from the entity
-Non-current liability - -Long-term debts, which have to be settled after one year of the date of
the statement of financial position
-Current Liability - -Debts that have to be settled in the short-term, usually within a year from
the date of the statement of financial position
-Non-current Liabilities - -Long-term based loans
Mortgages
Debentures
-Current Liabilities - -Creditors
Bank overdrafts
-Equity - -Assets - Liabilities
-Basic Accounting Equation (BAE) - -Assets=Equity+Liabilities
-Income - -Increases in economic benefits during the accounting period in the form of inflows
or enhancements of assets
procedures)
Non-current Assets - -land and buildings
Furniture and equipment
Vehicles
Financial Assets
-Non-current Asset - -Assets of a more permanent nature which are essential in the process of
earning income
-Current Asset - -Assets which have a short lifespan and continually change in the normal
course of business
-Current Assets - -inventories
Debtors
Bills received
Cash at the bank
-Asset - -A resource controlled by the entity as a result of past events and from which future
economic benefits are expected to flow to the entity
-Liabilities - -Present obligations of the entity arising from past events, the settlement of which
is expected to result in an outflow from the entity
-Non-current liability - -Long-term debts, which have to be settled after one year of the date of
the statement of financial position
-Current Liability - -Debts that have to be settled in the short-term, usually within a year from
the date of the statement of financial position
-Non-current Liabilities - -Long-term based loans
Mortgages
Debentures
-Current Liabilities - -Creditors
Bank overdrafts
-Equity - -Assets - Liabilities
-Basic Accounting Equation (BAE) - -Assets=Equity+Liabilities
-Income - -Increases in economic benefits during the accounting period in the form of inflows
or enhancements of assets
