Assess Income and expenditure accounts

Assess Income and expenditure accounts
On completion of their studies students should be able to:
(i) Prepare accounts using accruals and prepayments
(ii) Explain the difference between bad debts and allowances for receivables
(iii) Prepare accounts for bad debts and allowances for receivables
(iv) Calculate the methods of depreciation
(v) Prepare accounts using each method of depreciation and for impairment values
(vi) Prepare a non-current asset register
(vii) Prepare accounts for inventories
(viii) Prepare income statements, statements of changes in equity and statements of financial position from trial
(ix) Prepare manufacturing accounts
(x) Prepare income and expenditure accounts
(xi) Prepare accounts from incomplete records
(xii) Interpret basic ratios
(xiii) Prepare cash flow statements
Syllabus content Covered in chapter
1 Adjustments to the trial balance: accruals and prepayments 8, 17
2 Bad debts and allowances for receivables 10
3 Accounting treatment for depreciation (straight line, reducing balance and
revaluation methods) and impairment 9
4 Non-current asset register 9
5 Accounting for inventories (excluding construction contracts); methods of
inventory measurement (FIFO, LIFO and average cost) 11
6 Income statements and statements of financial position from trial balance:
statement of changes in equity 6, 18
7 Manufacturing accounts 21
8 Income and expenditure accounts 20
9 Production of accounting statements from incomplete data 19
10 Ratios: return on capital employed; gross and net profit margins; asset
turnover; trade receivables collection period and trade payables payment
period; current and quick ratios; inventory turnover; gearing 25
11 Statements of cash flow
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