Midterm evaluation

This week’s topics

Midterm evaluation

1. Midterm assessment of the criteria taught so far
2. Individual feedback and targets

What you will be able to do

• 1.1 Explain the need for financial record-keeping.
• 1.2 Explain the importance of liquidity and solvency in business.
• 1.3 Explain the accounting equation.
• 1.4 Explain how to record financial transactions using the double-entry method of bookkeeping.
• 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.
• 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.
• 2.5 Calculate the cost of depreciation from different methods of depreciation for given data.

Activity

Midterm assessment task and individual feedback.

Study materials