Download CIMA Revision Cards Fundamentals of Financial Accounting by Henry Lunt PDF

By Henry Lunt

CIMA Revision playing cards are the one fabrics written and recommended via CIMA college. they supply succinct yet entire insurance of all of the significant issues of the hot CIMA 2006 certificates syllabus. The pocket-sized, spiral-bound structure allows them to be carried round simply, making them valuable assets anywhere you're. Diagrams and bulleted lists are used all through to exhibit the major issues as basically and concisely as attainable. This simplifies the syllabus and makes the issues effortless to profit and take into account. * thoroughly up-to-date for the 2006 certificates syllabus. * examination targeted, pocket sized revision publications summarising the foremost subject matters of the hot CIMA syllabus * Diagrams and tables all through toughen key thoughts and reduction reminiscence retention and keep in mind * simply transportable measurement - excellent for wallet and baggage

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Extra resources for CIMA Revision Cards Fundamentals of Financial Accounting (CIMA Certificate Level 2008)

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Note – LIFO not acceptable for external financial statements 57 Organising the Bookkeeping System AVCO (weighted average) means that issues are at a weighted average price and thus inventories valuation will be in between FIFO and LIFO figures. This weighted average price is calculated as Previous balance þ new receipts value Previous units þ new units Note This list represents those examinable, not all the methods that exist.

12 Depreciation Record keeping Depreciation Record keeping Intangible assets Depreciation Topics . . e. it shows the carrying amount Depreciation is a non-cash item and does not guarantee funds remaining are being set aside for any asset replacement Carrying amount does not necessarily equate to fair value K Calculations of annual depreciation K Theory K Depreciation Charge using straight line method ¼ original cost À residual value/useful life Charge using reducing balance method ¼ % of carrying amount Charge using machine hour/units of production method ¼ (original cost À residual value/total output) Â output for the period Charge for small-asset values is as above but based on revised, rather than original cost.

3 15 24 29 . . . g. invoices show – number, date, names and addresses, description of goods, gross/net/sales tax amounts, discount details, due date 50 Organising the Bookkeeping System KKKK Layout includes Date Document number Personal details Goods value Sales tax amount Total invoice/credit note value Ledger entries K Source documents are listed in the appropriate book Details are entered in relevant columns Figures are totalled on a regular basis KK KK K Recording data KK Daybooks Individual customer/supplier entered to receivable/payable a/c Totals of daybooks entered to nominal ledger Entries cross-referenced for ease of tracking transactions 51 Organising the Bookkeeping System K Extended use Extra columns cater for wide range of nominal ledger a/cs as necessary KKKK Extended layout includes Date Document number Details Purchases KKKKK Daybooks Stationery Heating and lighting Motor expenses Sales tax amount Total value Study tip Understanding the use of daybooks is a key to being able to answer control a/c reconciliation questions too 52 Organising the Bookkeeping System K KKK Cashbooks Records money paid and received Book of prime entry and also part of the ledger As well as receipts on left (DR) and payments on right (CR), discounts columns may also be shown Often show a range of analysis columns that are totalled on a regular basis KKKKKKK Cash and petty cashbooks Details Payments to suppliers Petty cash transfer Wages Sales tax Sundry Total paid Banking system K K Date Details Receipts from customers Other revenue Total receipts Date K KKKKKK K Layout includes Cheques are made out by the drawer to the payee Until the cash is removed from the drawer’s funds, the cheque is uncleared and could even be dishonoured Direct debits and standing orders are automated transfers of funds Bank initiated transactions include bank charges 53 Organising the Bookkeeping System Cash and petty cashbooks Understanding the use of cashbooks should help in solving bank reconciliation questions too K K K Petty cashbook Similar to the main cashbook but it caters for small cash receipts and payments Usually operates on an imprest system (maintenance of agreed fixed balance or float) Petty cash vouchers act as evidence of expenditure and represent the reimbursement amount from the cash a/c Layout includes KKKKKKKK Study tip Date Details Total value Stationery Cleaning Entertainment Travel Postage Note This daybook often becomes a key investigation area for auditors as cash is viewed as high risk 54 Organising the Bookkeeping System K K Purchase and sale of non-current assets on credit Bad debt write off Allowance for receivables Depreciation Accruals and prepayments Transfers between a/cs such as IS profit and capital, drawings and capital Correction of errors such as those involved in suspense a/c corrections K Authorisation K Used for KKKKKK Journals These adjustments often have no source documentation and thus provide little audit trail Explanations should be as detailed as possible (in practice but in the computer-based assessment this may not be feasible) Signatures and cross-referencing acts as approval 55 Organising the Bookkeeping System Journals KKKKKK Layout includes Date Folio/reference Account name DR/CR Explanation Each journal is generally totalled to prove, it balances Study tip Read the requirements very carefully, examination questions commonly request journals rather than ledger entries 56 Organising the Bookkeeping System Inventories You would be expected to make the decision to make the necessary adjustments if NRV should be used rather than cost Cost formula – note: cost formulas are methods of valuing inventories K Lower of cost and net realisable value (NRV) Cost includes all costs incurred in getting the product to its present location and condition NRV implies final sales value less any costs incurred in getting the product into a saleable state To give inventories a proper valuation will involve physical inventory count Details of movements of inventories are often recorded using bin cards/stores ledger cards Study tip K K K K KK Measurement FIFO (first in first out) means that issues are valued at old prices and thus inventory is left at recent prices LIFO (last in first out) means that issues are at recent prices and thus inventory is left at old prices.

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