Financial Accounting
Introduction to accounting
- The role of accounting
- The accounting equation
- Transaction analysis
- Introduction to the financial statements
Analyzing transactions
- Introducing debits and credits
- Journalizing transactions
- Posting to the ledger
- Unadjusted trial balance
Adjusting entries
- Cash and accrual accounting
- Introduction to adjusting entries
- Preparing adjusting entries for prepayments and accruals
Completing the accounting cycle
The accounting cycle
Preparing closing entries
Adjusted and post-closing trial balance
Preparing reversing entries
Inventory transactions
Perpetual and periodic inventory systems
Recording journal entries for inventory transactions
Calculating cost of goods sold (periodic)
Preparing closing entries for inventory
Measuring inventory
- Cost flow assumptions
- Specific identification, FIFO, LIFO, Average cost
Accounting information systems
- Special journals and subsidiary ledgers
For this section, you may select either of the following options to match your Perdisco practice set:
- Periodic inventory, no tax, reversing entries
- Perpetual inventory, no tax, no reversing entries
Plant assets
- Determining the cost of assets
- Depreciation concepts
- Calculating depreciation
- Subsequent expenditure
- Disposal and derecognition