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Lectures 5-8 Summary

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Summary of lectures five to eight:

  • Lecture 5 - Retailing Operations
  • Lecture 6 - Earnings Management
  • Lecture 7 - The Accounting Framework
  • Lecture 8 - Financial Statement Analysis

The subject was called "Accounting for Business" back when I did it in 2009 but the subject number has not changed.


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24 Pages Partial Study Notes > 2 Years old
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Topics this document covers:
Economy Business economics Accounting Costs Management accounting Accounting systems Asset Corporate taxation Income statement Inventory Sales Fixed asset
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Business economics Accounting Costs Management accounting Accounting systems Asset Corporate taxation Income statement Inventory Sales Fixed asset
Sample Text:
o GST paid is claimed back from the ATO o GST collected is paid to the ATO o Reality net difference is paid or claimed o Sales and purchases are net of GST Retailers who are not registered: o Do not charge GST on sales o GST paid on purchases is added to the cost Perpetual Inventory System: Keeps a running record of all goods bought and sold Inventory counted at least once a year establishes the correct amount of ending inventory for the financial statements and serves as a check on the perpetual records Accounting for Inventory in the Perpetual System: Purchase of Inventory: Supplier ends inventory and a bill/invoice (including GST) Journal entry: Dr Inventory, Dr GST clearing, Cr Accounts payable Retailer prepares purchase order Purchase discounts: Quantity discounts The larger the quantity purchased, the lower the price per item Normally not disclosed on invoices - no ...
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