This week’s topics
Fundamental Accounting Concepts
- Business entity concept
- Going concern and accruals concepts
- Prudence and consistency
- Historic cost and materiality
- Accruals and Prepayments (part a) - ACCA Financial Accounting (FA) lectures
- Prepayments and Accruals | Adjusting Entries
What you will be able to do
- 1.3 Outline the accounting concepts used when recording financial transactions.
Activity
Start with this week’s 2 videos, then: Seminar, guided reading and a short written task: outline the accounting concepts used when recording financial transactions.
Study materials
Videos
- Accruals and Prepayments (part a) - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 18 min · for registered students
- Prepayments and Accruals | Adjusting Entries · YouTube · Accounting Stuff · 10 min · for registered students
- Accounting 1: Program# 11 - "Adjusting Journal Entries" · YouTube · JCCCvideo · 49 min · for registered students
- Accruals (Accounting) | 60 Second Business · YouTube · tutor2u · 1 min · for registered students
- Prepayments (Accounting) | 60 Second Business · YouTube · tutor2u · 1 min · for registered students
- Accounting 1: Program #12 - "Adjusting Journal Entries" · YouTube · JCCCvideo · 49 min · for registered students
Further resources
- Principles of Accounting, Volume 1: Financial Accounting, ch. 3: Analyzing and Recording Transactions · PDF · OpenStax, textbook chapter; pp. 115–202 · for registered students
- Introduction to Financial Accounting, Lyryx 2023-A, ch. 1: Introduction to Financial Accounting · PDF · Other, textbook chapter; pp. 1–44 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
