DVD and question book with 43 questions that will cover the whole syllabus of FAC1501|2|3 is presented by Tienie Viljoen, an ex UNISA senior lecturer and ex co-author of your text book “About Financial Accounting”.
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Every study unit (refer to the index below) will be discussed (a duration of 10 hours) in detail and all the solutions of the 43 questions will be explained step by step for easy understanding.
Lecture 1 | Basics
- What is an asset, liability, equity, income and expense?
- Double entry:
- What is a debit and what is a credit and why.
- The Basic Accounting Equation (BAE)
- Question 1 – Identify an asset, liability, equity, income and expense
- Question 2 – BAE – the missing figure
- Question 3 – BAE – application of BAE
Lecture 2 | Birds Eye View
- “Birds eye view” of the accounting cycle, from transaction to financial statements.
Lecture 3 | Basic T-accounts
- Question 4 – Which account debit and which account credit
- Question 5 – T-accounts, posting, balancing and trial balance
Lecture 4 | Compiling – subsidiary journals
- Question 6 – The “cash receipts journal” (CRJ) and “cash payments journal” (CPJ)
- Question 7 – The “petty cash” (PC)
- Question 8 – The “sales journal” (SJ), “purchase journal” (PJ), “sales returns journal” (SRJ) and “purchase returns journal” (PRJ)
- Question 9 – The “general journal” (GJ)
Lecture 5 | Value Added Tax (VAT)
- What is VAT – general discussion
- VAT registration, yes or no
- How does SARS collect VAT? – flow through system
- VAT included, how to calculate
- Question 10 – Compile the CRJ and CPJ with VAT
- Question 11 – Compile the PC with VAT
- Question 12 – Compile the SJ, PJ, SRJ and PRJ with VAT
- Question 13 – Compile the GJ with VAT
Lecture 6 | Postings from subsidiary journals to the “general ledger” (GL)
- Question 14 – Posting from the CRJ and CPJ to the GL and balance T-accounts
- Question 15 – Posting from the PC to the GL and balance T-accounts
- Question 16 – Posting from the SJ, PJ, SRJ and PRJ to the GL and balance T-accounts
- Question 17 – Posting from the GJ to the GL and balance T-accounts
Lecture 7 | Compile the pre-adjustment trial balance
- Question 18 – Compile the pre-adjustment trial balance
- Question 19 – Compile the pre-adjustment trial balance
- Question 20 – Compile the pre-adjustment trial
Lecture 8 | Adjustments and post-adjustment trial balance
- What is adjustments? General discussion on adjustments
- Question 21 – Record adjustments in the GJ
- Question 22 – Open T-accounts, post adjustments and balance and close T-accounts
- Question 23 – Compile the post-adjustment trial balance
Lecture 9 | Closing entries
- What are closing entries? Which accounts must be closed?
- Discussion on trading account and profit or loss account
- Example of closing entries to trading account and to profit or loss account
- Question 24 – Journalise the closing entries
- Question 25 – Open T-accounts and post closing entries to the GL
- Question 26 – Compile the post-closing trail balance
Lecture 10 | Inventory (stock)
- Valuation of inventory:
- Question 28 – Compile the SJ, PJ, SRJ and the PRJ using the perpetual inventory system
- Question 27 – Compile the SJ, PJ, SRJ and the PRJ using the periodic inventory system
- Calculating cost figures if only sales figures are given and vice versa
- Example explaining the difference between the 2 systems
- What is the periodic and perpetual inventory systems?
- Example using weighed average method and the FIFO method – periodic system
- Example using weight average method and the FIFO method – perpetual system
Lecture 11 | Debtors and creditors control accounts
- What is a “debtors ledger” and what is a “creditors ledger”?
- What is a debtors and creditors control account? And what is a “list” of debtors or creditors
- Comprehensive example explaining the control accounts and individual ledger accounts (for debtors and creditors) also “credit losses” and “allowance for credit losses”
- Question 29 – Compile the debtors control account in the GL and reconcile the list of debtors with the debtors control account in the GL
- Question 30 – Question on credit losses and allowance for credit losses – increase
- Question 31 – Question on credit losses and allowance for credit losses – decrease
Lecture 12 | Bank reconciliation
- What is a bank reconciliation?
- A step by step simple example of a bank reconciliation, for month 1 and month 2
- Question 32 – Complete the CRJ and the CPJ, compile the “bank account” in the GL and compile the bank reconciliation statement – you have to tick
- Question 33 – Complete the CRJ and the CPJ, compile the “bank account” in the GL and compile the bank reconciliation statement – everything already ticked
- Question 34 – Bank reconciliation with VAT
Lecture 13 | Current and non-current assets and liabilities
- What is “current” and what is “non-current”?
- Example explaining the difference between “current” and “non-current”
- Short example explaining non-current liabilities
Lecture 14 | Property, plant and equipment
- What is property, plant and equipment?
- Discussion and an example on 3 (most important) depreciation methods:
- – Straight-line method
- – Diminishing-balance method also called Reducing-balance method
- – Production unit method
A simple example on disposal of a non-current asset
Question 35 – Existing machinery, purchase new machine and disposal of old machine
Question 36 – Compile the “note to the financial statements” for property, plant and equipment
Lecture 15 | Financial statements
- Consist of:
- Statement of Profit or Loss and other Comprehensive Income (financial performance)
- Statement of Changes in Equity
- Statement of Financial Position and
- Notes to the Financial Statements
Format of “Statement of Profit or Loss and other Comprehensive Income”
Question 37 – Simple question on “Profit or loss and other comprehensive income”
Example and format of “Statement of Changes in Equity”
Format of “Statement of Financial Position”
Question 38 – Simple question on “Statement of Changes in Equity” and “Statement of Financial Position”
Refer Question 36 for format and example of “notes to financial statements” – for our purpose the note on “property, plant and equipment” is sufficient
Question 39 – Comprehensive question on financial statements
Lecture 16 | Non-profit entities
- What is a non-profit entity (NPE)
- Owners of a NPE and the BAE
- Accounting cycle of a NPE
- Sources of finance
- Special funds: – Expendable fund – Non – expendable fund
- Diagram of “funds”
- Financial reporting:
- Receipts and payments
- Income and expenditure
- Changes in equity
- Financial position
- Notes to the financial statements
- Membership fees
- Question 40 – Membership fees account
- Question 41 – Membership fees account (variation on question 41 plus suggested solution)
Lecture 17 | Incomplete records
- What do we mean by ”incomplete records”?
- Again the BAE
- How to calculate the estimated profit
- Steps to follow when calculating estimated profit
- Question 42 – calculating estimated profit
- Question 43 – Completing T-accounts
Hi Professor Viljoen
I was a student in your Semester 1 – 2013 class and wanted to thank you so much for making Accounting easy and simple for me to understand. After 4 failed attempts, I was finally able to pass with a distinction. Praise God! I will see you on the 10 August, for my first FAC1601 lecture, and God willing I will be able to graduate next year.
Many thanks and regards