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Level 4 Diploma in Accounting and Business

Accounting Adjustments for Accruals, Prepayments, and Receivables

AB403 · Principles of Financial Accounting — Week 4 of 16

CourseAB403
Week4 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Accounting Adjustments for Accruals, Prepayments, and Receivables

  1. The matching and accruals concept
  2. Calculating accrued and prepaid expenses
  3. Irrecoverable debt write-offs
  4. Calculating allowances for doubtful debts
  5. Accruals and Prepayments (part a) - ACCA Financial Accounting (FA) lectures
  6. Irrecoverable Debts and Allowances Example 1 - ACCA Financial Accounting (FA) lectures
  7. Prepayments and Accruals | Adjusting Entries

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.
  • 2.3 Calculate year-end adjustments, for given data, to account for irrecoverable debts and provisions for doubtful debts.
  • 2.4 Calculate year-end adjustments, for given data, to account for accruals and prepayments when preparing the financial statements.

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

  • Accruals and Prepayments (part a) - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 18 min · for registered students
  • Irrecoverable Debts and Allowances Example 1 - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 21 min · for registered students
  • Prepayments and Accruals | Adjusting Entries · YouTube · Accounting Stuff · 10 min · for registered students

Further resources

  • Principles of Accounting Vol. 1, ch. 4.1–4.2: Accruals, prepayments and adjusting entries · PDF · OpenStax, textbook chapter; pp. 190–203 · 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
  • Introduction to Financial Accounting, Lyryx 2023-A, ch. 3: Financial Accounting and Adjusting Entries · PDF · Other, textbook chapter; pp. 99–154 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Course plan
  • Week 1: Foundations of Financial Accounting and Record-Keeping
  • Week 2: The Double-Entry Bookkeeping System
  • Week 3: Period-End Financial Concepts and Trading Performance
  • Week 4: Accounting Adjustments for Accruals, Prepayments, and Recei…
  • Week 5: Capital Expenditure and Depreciation of Non-Current Assets
  • Week 6: Financial Statements for Sole Traders
  • Week 7: Partnership Accounting and Reporting
  • Midterm: Midterm evaluation
  • Week 9: Financial Statement Analysis and Interpretation
  • Week 10: Professional Ethics and Conduct in Accountancy
  • Week 11: Accounting Regulation and External Audit Fundamentals
  • Week 12: Applying Principles of Financial Accounting in practice: ca…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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