An introduction to financial accounting / Margaret D'Arcy.

Format:

Book

Author/Creator:

D'Arcy, Margaret, author.

Language:

English

Subjects (All):

Accounting--Textbooks.

Accounting.

Physical Description:

1 online resource (768 pages)

Edition:

Second edition.

Place of Publication:

Chartered Accountants of Ireland 2019

Summary:

This student-focused textbook by Margaret D'Arcy provides a easy-to-understand and comprehensive guide for those who are either commencing their studies in financial accounting or trying to gain an appreciation of the basic concepts of accounting, including and emphasising the principles of double-entry bookkeeping.

Contents:

Intro

Publisher's Information

Contents

Acknowledgements

Chapter 1 Financial Accounting: Key Terms and Concepts

1.1 INTRODUCTION

1.2 RECORDING FINANCIAL TRANSACTIONS

1.3 FINANCIAL STATEMENTS

1.4 ENTITIES

1.5 ELEMENTS OF FINANCIAL STATEMENTS

1.6 THE ACCOUNTING EQUATION

1.7 USERS OF FINANCIAL STATEMENTS

1.8 CONCLUSION

QUESTIONS

PART I DOUBLE-ENTRY BOOKKEEPING

Chapter 2 Recording Financial Transactions and Preparing Financial Statements

2.1 INTRODUCTION

2.2 PREPARATION OF JOURNAL ENTRIES AND LEDGER ACCOUNTS

2.3 THE TRIAL BALANCE

2.4 FINANCIAL STATEMENTS

2.5 CONCLUSION

Chapter 3 Inventory and Cost of Sales

3.1 INTRODUCTION

3.2 ACCOUNTING FOR OPENING AND CLOSING INVENTORY

3.3 COST OF SALES

3.4 CONCLUSION

Chapter 4 Accruals and Prepayments

4.1 INTRODUCTION

4.2 ACCRUALS

4.3 PREPAID EXPENSES

4.4 INCOME DUE

4.5 INCOME RECEIVED IN ADVANCE

4.6 CONCLUSION

Chapter 5 Bad Debts and Allowances for Bad Debts

5.1 INTRODUCTION

5.2 BAD DEBTS WRITE-OFF

5.3 PROVISION FOR BAD DEBTS

5.4 BAD DEBTS RECOVERED

5.5 CONCLUSION

Chapter 6 Property, Plant and Equipment, and Depreciation

6.1 INTRODUCTION

6.2 COST OF ASSET

6.3 DEPRECIATION

6.4 SALE OF PROPERTY, PLANT AND EQUIPMENT

6.5 CONCLUSION

Chapter 7 Accounting for Value-added Tax

7.1 INTRODUCTION

7.2 ACCOUNTING TREATMENT WHEN VAT IS NOT RECOVERABLE

7.3 ACCOUNTING TREATMENT WHEN VAT IS RECOVERABLE

7.4 VAT-EXEMPT AND ZERO-RATED GOODS AND SERVICES

7.5 CONCLUSION

Chapter 8 Accounting for Wages and Salaries

8.1 INTRODUCTION

8.2 CONCLUSION

Chapter 9 Control Accounts

9.1 INTRODUCTION

9.2 TRADE RECEIVABLES CONTROL ACCOUNT RECONCILIATION.

9.3 TRADE PAYABLES CONTROL ACCOUNT RECONCILIATION

9.4 CONCLUSION

Chapter 10 Bank Reconciliations

10.1 INTRODUCTION

10.2 WHY WOULD THE BALANCE PER THE BANK STATEMENT NOT AGREE WITH THE ENTITY'S FIGURE?

10.3 CONCLUSION

Chapter 11 Suspense Accounts

11.1 INTRODUCTION

11.2 ERRORS THAT DO NOT UPSET THE BALANCING OF THE TRIAL BALANCE

11.3 WHEN A SUSPENSE ACCOUNT IS IMPACTED BY A TRANSACTION ERROR

11.4 SUSPENSE ACCOUNT

11.5 CONCLUSION

PART II: SOLE TRADERS

Chapter 12 Financial Statements of Sole Traders

12.1 INTRODUCTION

12.2 LAYOUT OF FINANCIAL STATEMENTS

12.3 CONCLUSION

Chapter 13 Incomplete Records

13.1 INTRODUCTION

13.2 SALES FIGURE

13.3 PURCHASES FIGURE

13.4 ACCRUALS AND PREPAYMENTS

13.5 DRAWINGS

13.6 CONCLUSION

PART III SPECIALISED FINANCIAL STATEMENTS

Chapter 14 Financial Statements of Clubs and Societies

14.1 INTRODUCTION

14.2 ROLE OF A CLUB TREASURER

14.3 RECEIPTS AND PAYMENTS

14.4 INCOME AND EXPENDITURE ACCOUNT

14.5 ACCUMULATED FUND

14.6 FINANCIAL STATEMENTS OF A CLUB OR SOCIETY

14.7 LIFE MEMBERSHIP

14.8 CONCLUSION

PART IV PARTNERSHIPS

Chapter 15 Partnerships: An Introduction

15.1 INTRODUCTION

15.2 DIFFERENCES BETWEEN A SOLE TRADER AND A PARTNERSHIP

15.3 PARTNERSHIP AGREEMENT

15.4 ACCOUNTING FOR PARTNERSHIPS

15.5 CONCLUSION

Chapter 16 Partnerships: Changes in Profit-sharing Ratios

16.1 INTRODUCTION

16.2 INTRODUCTION OF A NEW PARTNER

16.3 ACCOUNTING FOR THE RETIREMENT/RESIGNATION OF ONE OF THE PARTNERS

16.4 ACCOUNTING FOR A CHANGE IN THE PROFIT-SHARING RATIOS OF THE PARTNERS

16.5 CONCLUSION

Chapter 17 Partnerships: Complex Issues

17.1 INTRODUCTION

17.2 ACCOUNTING FOR THE WINDING UP OF A PARTNERSHIP.

17.3 CONVERSION OF A PARTNERSHIP INTO A LIMITED COMPANY

17.4 MERGING OF TWO PARTNERSHIPS INTO ONE PARTNERSHIP

17.5 THE WINDING UP OF A PARTNERSHIP

17.6 CONCLUSION

PART V COMPANIES

Chapter 18 The Regulatory and Conceptual Frameworks for Financial Reporting

18.1 INTRODUCTION

18.2 REGULATORY FRAMEWORK

18.3 THE FUNCTION AND STRUCTURE OF THE IFRS FOUNDATION

18.4 STANDARD-SETTING PROCESS

18.5 THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

18.6 CHOICE OF ACCOUNTING FRAMEWORK

18.7 ETHICS AND THE ACCOUNTANT

18.8 CONCLUSION

Chapter 19 Presentation of Financial Statements

19.1 INTRODUCTION

19.2 GENERAL FEATURES OF A SET OF FINANCIAL STATEMENTS

19.3 STRUCTURE AND CONTENT OF FINANCIAL STATEMENTS

19.4 STATEMENT OF FINANCIAL POSITION

19.5 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

19.6 STATEMENT OF CHANGES IN EQUITY

19.7 DISCLOSURE

19.8 IAS 1 COMPARED WITH FRS 102

19.9 CONCLUSION

Chapter 20 Statement of Cash Flows

20.1 INTRODUCTION

20.2 OPERATING ACTIVITIES

20.3 LAYOUT OF STATEMENT OF CASH FLOWS

20.4 INVESTING ACTIVITIES

20.5 PROPERTY, PLANT AND EQUIPMENT

20.6 FINANCING ACTIVITIES

20.7 TAX PAID/REFUNDED

20.8 FINANCE EXPENSE AND INCOME

20.9 DIVIDENDS

20.10 GRANT RELATED TO PROPERTY, PLANT AND EQUIPMENT

20.11 IAS 7 COMPARED WITH FRS 102

20.12 CONCLUSION

Chapter 21 Inventories

21.1 INTRODUCTION

21.2 VALUATION OF INVENTORIES

21.3 REVERSAL OF WRITE-DOWN TO NET REALISABLE VALUE

21.4 DISCLOSURE

21.5 IAS 2 COMPARED WITH FRS 102

21.6 CONCLUSION

Chapter 22 Accounting Policies, Changes in Accounting Estimates and Errors

22.1 INTRODUCTION

22.2 TERMINOLOGY

22.3 ACCOUNTING ESTIMATES

22.4 ACCOUNTING POLICY

22.5 ERRORS

22.6 IAS 8 COMPARED WITH FRS 102.

22.7 CONCLUSION

Chapter 23 Events After the Reporting Period

23.1 INTRODUCTION

23.2 TERMINOLOGY

23.3 ADJUSTING EVENTS

23.4 NON-ADJUSTING EVENTS

23.5 ORDINARY DIVIDENDS

23.6 GOING CONCERN

23.7 DISCLOSURE

23.8 IAS 10 COMPARED WITH FRS 102

23.9 CONCLUSION

Chapter 24 Income Taxes

24.1 INTRODUCTION

24.2 ACCOUNTING FOR CURRENT TAX CHARGE

24.3 DISCLOSURE

24.4 IAS 12 COMPARED WITH FRS 102

24.5 CONCLUSION

Chapter 25 Property, Plant and Equipment

25.1 INTRODUCTION

25.2 CLASSES OF PROPERTY, PLANT AND EQUIPMENT

25.3 TERMINOLOGY

25.4 INITIAL RECOGNITION

25.5 DEPRECIATION

25.6 CHANGES IN ACCOUNTING ESTIMATES

25.7 SUBSEQUENT MEASUREMENT

25.8 DISPOSAL OF AN ITEM OF PROPERTY, PLANT AND EQUIPMENT

25.9 DISCLOSURE

25.10 IAS 16 COMPARED WITH FRS 102

25.11 CONCLUSION

Chapter 26 Accounting for Leases

26.1 INTRODUCTION

26.2 DEFINITION OF A LEASE

26.3 ACCOUNTING BY LESSEES

26.4 INITIAL RECOGNITION

26.5 LEASE TERM

26.6 SUBSEQUENT MEASUREMENT

26.7 DISCLOSURE

26.8 IFRS 16 COMPARED WITH FRS 102

26.9 CONCLUSION

Chapter 27 Borrowing Costs

27.1 INTRODUCTION

27.2 WHAT COSTS ARE INCLUDED IN BORROWING COSTS?

27.3 ACCOUNTING POLICY IN RELATION TO BORROWING COSTS

27.4 INTEREST RATE TO BE USED FOR CAPITALISATION

27.5 DISCLOSURE

27.6 IAS 23 COMPARED WITH FRS 102

27.7 CONCLUSION

Chapter 28 Accounting for Government Grants and Disclosure of Government Assistance

28.1 INTRODUCTION

28.2 GRANTS IN RELATION TO CAPITAL EXPENDITURE

28.3 ACCOUNTING TREATMENT OF GRANTS RECEIVED IN RELATION TO CURRENT EXPENDITURE

28.4 OTHER ASSISTANCE

28.5 DISCLOSURE

28.6 IAS 20 COMPARED WITH FRS 102

28.7 CONCLUSION

Chapter 29 Financial Instruments.

29.1 INTRODUCTION

29.2 PRESENTATION OF FINANCIAL INSTRUMENTS

29.3 DEBT VERSUS EQUITY

29.4 FINANCIAL ASSETS

29.5 FINANCIAL LIABILITIES

29.6 IFRS 7 COMPARED WITH FRS 102

29.7 CONCLUSION

Chapter 30 Provisions, Contingent Liabilities and Contingent Assets

30.1 INTRODUCTION

30.2 PROVISIONS

30.3 CONTINGENT LIABILITY

30.4 CONTINGENT ASSET

30.5 ONEROUS CONTRACTS

30.6 REIMBURSEMENT

30.7 RESTRUCTURING

30.8 DISCLOSURE

30.9 IAS 37 COMPARED WITH FRS 102

Chapter 31 Investment Property

31.1 INTRODUCTION

31.2 INITIAL RECOGNITION

31.3 MEASUREMENT AFTER INITIAL RECOGNITION

31.4 TRANSFER TO/FROM INVESTMENT PROPERTY

31.5 DISPOSALS

31.6 PROPERTY LEASED TO PARENT/SUBSIDIARY

31.7 DISCLOSURE

31.8 IAS 40 COMPARED WITH FRS 102

31.9 CONCLUSION

PART VI INTERPRETATION OF FINANCIAL STATEMENTS

Chapter 32 Interpretation of FinancialStatements

32.1 INTRODUCTION

32.2 PROFITABILITY RATIOS

32.3 LIQUIDITY RATIOS

32.4 EFFICIENCY RATIOS

32.5 GEARING RATIOS

32.6 INVESTMENT RATIOS

32.7 GROWTH

32.8 CONCLUSION

Appendix A

Glossary of Terms and Definitions

Index.

Notes:

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

1-912350-75-0

OCLC:

1127943643