ACCT10002 Introduction to Financial Accounting
Summer 2023
Final Exam Preparation
General Information
o Prepare your notes
o Ask questions
o Don’t panic
o Read the Exam paper questions then read them again
o Show workings on Answer sheet
o Topic 10 is not being examined
o Make sure attempt is yours and only yours
o Save your Answer sheet before uploading
Statement of Changes in Equity
Format
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Share capital |
Retained Earnings |
Reserves |
Total |
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➢ What are the opening balances?
➢ What transactions impact Equity?
o Share capital – shares issues; share buy-backs; share dividends
o Retained earnings – profit or loss; comprehensive income; dividends; transfer to and from reserves;
o Reserves – Revaluations; transfer to and from Retained earnings
➢ Closing balance – does it equal the Total Equity in the Balance Sheet?
Liabilities
➢ Definition of a liability – Conceptual Framework; AASB 137
➢ When are liabilities recognised?
➢ Can you differentiate between different liabilities – accrued expenses, provisions, contingent liabilities?
Non-Current Assets
➢ Elements of a cost of an asset – what is included and what is excluded?
➢ Apply different depreciation methods
➢ Prepare a depreciation schedule
➢ Complete a revaluation of an asset – journal entries
➢ Complete a sale of an asset – journal entries
Inventory
➢ Complete an Inventory record – FIFO or weighted average (perpetual)
➢ Calculate Cost of Sales and Ending inventory values
➢ Calculate the Gross Profit
➢ Calculate Inventory ratios
Equity
➢ Record share issues
➢ Calculate ratios
Cash Flow Statement
➢ Apply the direct method
➢ Understand and apply how amounts are included in operating activities, investing activities and financing activities.
➢ Reconcile the cash movement in accounts
➢ Show workings
➢ Explain one of the Cash Flow ratios
Accounts Receivable
➢ Apply your knowledge of Allowance for Doubtful Debts
➢ Calculate the doubtful debts expense
➢ Reconcile the account
Topic 11
➢ Theory question
➢ Judgement and financial statements