Archive about 'Others'

LCCI Bookkeeping First Level (1006) Series 2,3 and 4

The aim of the examination is to test candidate’s understanding of the basic principles underlying the recording of business transactions, including the influence of Information Technology and the ability to prepare accounts for sole traders and non-trading organizations

Syllabus Content

1.0 The recording by double entry book-keeping of simple [...]

Table/Summary/Snapshot Of Accounting Concepts/Convention

TABLE/SUMMARY/SNAPSHOT OF ACCOUNTING CONCEPTS/CONVENTION

Accounting Period
Concept

Also known as Time Period where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period)
Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can [...]

Revision Notes On Activity-based costing(ABC)

Salient points On Activity-based costing(ABC)

1.0 Activity-based costing(ABC) was developed/designed during the 1980s to avoid the shortcoming of absorption costing and marginal costing.

1.1 Shortcoming of Absorption costing –produce misleading product costs

1.2 Shortcoming of Marginal costing-does not attempt to connect general overhead costs to products. Also produce misleading product costs
 

2.0  CIMA defines ABC as:
· An approach to [...]

Revision Notes on Bank Reconciliation Statement

Salient points On Bank Reconciliation Statement

1.0 Understand the objective of Bank Reconciliation Statement which is simply to reconcile the bank balance of the Cash Book with the balance in the Bank Statement

2.0  Remember that [...]

Revision Notes On Correction Of Errors

Salient points:

Know how to explain the different type of errors which do not affect the agreement of trial balance:

Error of Omission – when a transaction is completely omitted from the books
Error of Commission-when an entry has been posted to the [...]

Revision Notes On Limited Companies

Salient points:

Understand the various classes of share capital in a limited company:
Authorised, registered or nominal capital is the maximum amount of capital a company is allowed to raise from the public by the issue of share
Issued capital is that part of the authorized capital that is offered to the public for subscription
Subscribed capital is the [...]

Faster Route To Finish CAT

In Malaysia, the Education Ministry has announced that students who scored 1A and 2A in Principles of Accounting at the recent SPM examinations are entitled for exemptions for the Certified Accounting Technician(CAT) paper.
CAT is a foundation programme for the ACCA Professional Qualification. The programme provides a basic foundation in accountancy, even for those without accounting [...]

Financial Analyst

In the accounting field, it is quite normal to hear of accounting post like accounts assistant, accounts /receivables/payable clerk, accounts Executives, accounts Officer, accountant, etc, but what then about the post of Financial Analyst.

This article looks at a typical role of the financial analyst.

Normally, the person who is appointed into this role will [...]

ACCA-Minimum Entry Requirements

This article seeks to introduce a little about the ACCA and the entry route to this infamous Accountancy Association.
ACCA or Association of Chartered Certified Accountants has been recognised and respected across the world for about 100 years and has 296,000 students and 115,000 members in 170 countries.
(a) The minimum entry requirements for the ACCA are:

Two [...]

Revision Notes On Short-term decision making

(1)  Costs for decision-making should be separated into their fixed and variable components
(2)  Fixed costs should not be averaged or absorbed when preparing information for decision-making 
(3)  Marginal costing statements are useful for decision-making; absorption costing statements are not. 
(4)  When a resource is scarce, it should be used in the way which produces the HIGHEST CONTRIBUTION PER UNIT OF SCARCE [...]