revenues/unearned revenue received in Statement revenue advance/prepaid Balance Sheet accrued revenue. revenues/unearned Note: Templates are revenue provided (Refer to Accrued income Appendices 5.A and GST Clearing 5.B). entries complex any adjustment being written in a way that may not be seen in prior learning. 3.5 The impact of inventories Definition of the term Prepare the general Use a trial balance ‘inventories’ and their journal entry and post to with balance day importance to a business the general ledger for an adjustment The perpetual inventory inventory adjustment information, to system (complex entry). prepare a fully The significance of the classified and stock-take in the perpetual presented: inventory system Income (Note: lower of cost or net Statement realizable value is not Balance Sheet required). Note: Templates are provided (Refer to Appendices 5.A and 5.B). 3.6 The impact of non-current assets Definition of the term Prepare a general Use a trial balance ‘non-current assets’ and the journal entry to record with balance day types of assets included in the purchase of property, adjustment this classification plant and equipment information, to The nature of ‘property, assets on credit and post prepare a fully plant and equipment’ to the general ledger classified and assets (simple entry) presented: The distinction between Prepare a general Income capital expenditure and journal entry to record Statement revenue expenditure depreciation and post to Balance Sheet The purpose of the general ledger Note: Templates are
revenues/unearned revenue accrued revenue. revenue received in advance/prepaid revenues/unearned revenue Accrued income GST Clearing complex entries any adjustment being written in a way that may not be seen in prior learning. Statement Balance Sheet Note: Templates are provided (Refer to Appendices 5.A and 5.B). 3.5 The impact of inventories Definition of the term ‘inventories’ and their importance to a business The perpetual inventory system The significance of the stock-take in the perpetual inventory system (Note: lower of cost or net realizable value is not required). Prepare the general journal entry and post to the general ledger for an inventory adjustment (complex entry). Use a trial balance with balance day adjustment information, to prepare a fully classified and presented: Income Statement Balance Sheet Note: Templates are provided (Refer to Appendices 5.A and 5.B). 3.6 The impact of non-current assets Definition of the term ‘non-current assets’ and the types of assets included in this classification The nature of ‘property, plant and equipment’ assets The distinction between capital expenditure and revenue expenditure The purpose of Prepare a general journal entry to record the purchase of property, plant and equipment assets on credit and post to the general ledger (simple entry) Prepare a general journal entry to record depreciation and post to the general ledger Use a trial balance with balance day adjustment information, to prepare a fully classified and presented: Income Statement Balance Sheet Note: Templates are
ACC315116_course_v1b.docx