Page 4 - Accountancy_F5

Table of Contents

Abbreviations and acronyms .....................................................................................vii
FOR ONLINE READING ONLY
List of Figures ............................................................................................................ix
List of Tables ............................................................................................................... x

Acknowledgments ......................................................................................................xi
LANGUAGE EDITING
Preface .......................................................................................................................xii
LANGUAGE EDITING
Chapter One: Concepts, theories and principles of accounting .......................... 1
The concept of accounting ...................................................................................... 1

Branches of accounting and their general objectives ............................................. 2
Regulatory framework governing financial accounting practices .......................... 4

Accounting information and its users .................................................................... 7
Fundamental principles of accounting .................................................................. 15

Accounting theories .............................................................................................. 20

Accounting information system ............................................................................ 23
Chapter summary .................................................................................................. 24
Revision Exercise ................................................................................................. 24
Chapter Two: Inventory accounting ..................................................................... 26
Concept of inventory ........................................................................................... 26

Inventory (stock) taking ........................................................................................ 27

Inventory management systems ............................................................................ 27
Inventory valuation ............................................................................................... 29
Methods of inventory valuation ............................................................................ 29

Applying the three methods of inventory valuation ............................................ 34

Impact of inventory valuation methods on reported profit and financial position 40
Inventory group and valuation .............................................................................. 47
Inventory error ...................................................................................................... 50

Inventory estimation ............................................................................................. 54

Inventory valuation and insurance claim .............................................................. 61

Student’s Book Form Five
iii

23/06/2024 17:34
ACCOUNTANCY_DUMMY_23 JUNE.indd 3
ACCOUNTANCY_DUMMY_23 JUNE.indd 3 23/06/2024 17:34