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Qualitative Characteristics - Faithful Representation
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Qualitative Characteristics - Understandability
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A discussion about accounting for prepaid expenses.
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General discussion about Balance Day Adjustments (BDAs)
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KPIs that do not source from the 3 major reports.
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Finding missing information using account reconstruction.
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Safeguarding the business's key assets such as Cash, Inventory and NCAs.
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The change in cash will be different than the net profit/loss for the same reporting period. Why?
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A KPI of business liquidity, the Cash Flow Cover.
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Let's chat about a classified Balance Sheet at the end of Unit 3
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Sharon and Maxxi role-play a discussion about having good liquidity but with a poor profit performance.
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Sharon and Maxxi role-play a discussion about good profits with poor cash flow.
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What do you do with the ledger at the end of the reporting period?
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Using the First In First Out (FIFO) cost assignment method.
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The Cash Cycle is the addition of the Inventory and Accounts Receivable turnovers.
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Let's talk about the conversion of accounts receivable into cash.
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Discussion about this KPI for a trading business.
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Accounting for sales returns from an Accounts Receivable.
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Accounting for purchases returns to an Accounts Payable.
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Let's chat about the WCR, an indicator of liquidity.
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Let's chat about the Debt Ratio, an indicator of Stability which is medium/longer-term liquidity.
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Let's have a chat about the ATO, an indicator of profitability and asset management.
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The NPM is a profitability KPI but also an indicator of Expense Control.
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The difference between profit and profitability
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A long conversation with many issues relevant to credit transactions.
Note: Debtors = Accounts Receivable and Creditors = Accounts Payable.
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Accounting equation: payment to accounts payable (no discount)
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Accounting equation: credit purchase of inventory
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Accounting equation: receipt from accounts receivable including discount
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Accounting equation: receipt from accounts receivable
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Paying an Accounts Payable with discount revenue
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Documentation and credit purchases of inventory
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How do you record the receipt from an Accounts Receivable including discount?
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A customer/business wants to use their credit card to buy inventory from you. How do you account for this?
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There are possible disadvantages in offering credit to customers.
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Why do businesses sell their inventory on credit?
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Before you decide to sell on credit to a new customer, you should check out their credit worthiness.
