This week’s topics
Period-End Financial Concepts and Trading Performance
- Purpose of period-end adjustments
- Revenue recognition principles
- Calculating cost of sales
- Periodic inventory valuations
- IFRS 15 Revenue Recognition - ACCA Financial Accounting (FA)
- Adjustments to Profits - ACCA Financial Accounting (FA) lectures
- Periodic and Perpetual Inventory Systems
What you will be able to do
- 2.1 Examine the purpose and importance of end of year adjustments in the preparation of final accounts.
- 2.2 Calculate the value of revenue and cost of sales, for given data, over the accounting period.
Activity
Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: examine the purpose and importance of end of year adjustments in the preparation of final accounts.
Study materials
Videos
- IFRS 15 Revenue Recognition - ACCA Financial Accounting (FA) · YouTube · OpenTuition · 16 min · for registered students
- Adjustments to Profits - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 15 min · for registered students
- Periodic and Perpetual Inventory Systems · YouTube · Dr. Haywood · 7 min · for registered students
Further resources
- Principles of Accounting, Volume 1: Financial Accounting, ch. 4: The Adjustment Process · PDF · OpenStax, textbook chapter; pp. 203–272 · for registered students
- Financial Accounting, ch. 5: Why Must Financial Information Be Adjusted Prior to the Production of Financial Statements? · PDF · Saylor Academy, textbook chapter; pp. 145–174 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
