ACC2233 - Financial Accounting 3 Study Plan

Assalamualaikum,

Below is the study plan for this semester made specially for my ACC2233 students'.

WEEK	TOPIC
WEEK 1 9/7/18 – 13/7/18	TOPIC 1:  THE HISTORY AND DEVELOPMENT OF ACCOUNTING ·         Importance and uses of accounting history  ·         Early history development of accounting ·         Development of accounting standard
	TOPIC 2: A  CONCEPTUAL FRAMEWORK FOR FINANCIAL ACCOUNTING AND REPORTING ·       Definition of conceptual framework ·       The importance of conceptual framework ·      Financial reporting information ·      Objectives of financial statement
WEEK 2 16/7/18 – 20/7/18	TOPIC 2: A  CONCEPTUAL FRAMEWORK FOR FINANCIAL ACCOUNTING AND REPORTING – cont’ ·      Users of financial statements ·      Underlying assumptions ·      Qualitative characteristics of financial information ·         Constraints on relevant and reliable information
WEEK 3 23/7/18 – 27/8/18	TOPIC 3: INTERNATIONAL ACCOUNTING ·         Definitions of international accounting ·         Determinants of national differences in international accounting ·         Harmonization of accounting standards
	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA ·         FRS 101 and FRS i-1 : Presentation of Financial Statements
WEEK 4 30/8/18 – 3/8/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA – cont’ ·         FRS 102 : Inventories ·         FRS 108 : Accounting Policies, Changes in Accounting Estimates and Errors
WEEK 5 6/8/18 – 10/8/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA – cont’ ·         FRS 110 : Events After the Reporting Period ·         FRS 133 : Earnings Per Share
WEEK 6 13/8/18 – 17/8/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA – cont’ ·         FRS 137 : Provision for contingent liabilities and assets ·         FRS 116 : Property, Plant and Equipment
WEEK 7 17/8/18 – 26/8/17 MID-SEMESTER BREAK
WEEK 8 27/8/18 – 31/8/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA– cont’ ·         FRS 138 : Intangible Asset ·         FRS 101 and FRS i-1 : Presentation of Financial Statements
WEEK 9 3/9/18 – 7/9/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA– cont’ ·         FRS 102 : Inventories ·         FRS 108 : Accounting Policies, Changes in Accounting Estimates and Errors
WEEK 10 10/9/18 – 14/9/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA– cont’ ·         FRS 110 : Events After the Reporting Period ·         FRS 133 : Earnings Per Share
WEEK 11 17/9/18 – 21/9/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA– cont’ ·         FRS 137 : Provision for contingent liabilities and assets ·         FRS 116 : Property, Plant and Equipment
WEEK 12 24/9/18 – 28/9/18	TOPIC 4: ACCOUNTING STANDARD IN MALAYSIA– cont’ ·         FRS 116 : Property, Plant and Equipment
	TOPIC 5: HIRE PURCHASES AND CREDIT SALES – cont’ ·         Accounting arrangements ·         Computations of hire purchase interest
WEEK 13 1/10/18 – 5/10/18	TOPIC 5: HIRE PURCHASES AND CREDIT SALES – cont’ ·         Accounting arrangements ·         Computations of hire purchase interest ·         Accounting treatment ·         Termination of hire purchase agreement ·
WEEK 14 8/10/18 – 12/10/18	TOPIC 5: HIRE PURCHASES AND CREDIT SALES – cont’ ·         Computations of hire purchase interest ·         Accounting treatment ·         Termination of hire purchase agreement
WEEK 15 15/10/18 – 19/10/18	TOPIC 6: ACCOUNTING FOR BRANCHES ·         Introduction on Autonomous Branch ·      Operating arrangement ·      Accounting arrangement o    Current accounts o    Allowance for unrealized profits (AFUP)
WEEK 16 22/10/18 – 23/10/18	TOPIC 6: ACCOUNTING FOR BRANCHES – cont’ ·      Operating arrangement ·      Accounting arrangement o    Current accounts o    Allowance for unrealized profits (AFUP)

Certified Healthcare Facility Management - Public Chapter

Assalamualaikum and selamat sejahtera

Attached is the final slides for the said course. Kindly be informed that a progress test will be held on Saturday afternoon on 7th July 2018. Quite to late to announce but I had already announced it last week. Study well!


CHFM - Auditing and Taxation

Absorption Costing - Step-by-step examples

Simple step-by-step example – taken from http://accountinginfocus.com/tag/absorption-costing/

The Traditional (Absorption Costing) Income Statement

The traditional income statement uses absorption costing to create the income statement. This income statement looks at costs by dividing costs into product and period costs. In order to complete this statement correctly, make sure you understand product and period costs.

The format for the traditional income statement is:

Let’s use the example from the absorption and variable costing post to create this income statement.

When doing an income statement, the first thing I always do is calculate the cost per unit. Under absorption costing, the cost per unit is direct materials, direct labor, variable overhead, and fixed overhead. In this case, fixed overhead per unit is calculated by dividing total fixed overhead by the number of units produced (see absorption costing post for details).

Once you have the cost per unit, the rest of the statement is fairly easy to complete. All variable items are calculated based on the number of units sold. This includes sales, cost of goods sold, and the variable piece of selling and administrative expenses. The matching principle states that we must match revenue with expenses. Therefore, we can only expense the cost of the units that are sold. The units that are not sold end up in inventory.

Start with sales. Take your price per unit and multiply it by the number of units sold.

Sales = Price x Number of units sold

Sales = $100 X 8,000

Sales = $800,000

Using the cost per unit that we calculated previously, we can calculate cost of goods sold by multiplying the cost per unit by the number of units sold.

Cost of goods sold = Cost per unit x Number of units sold

Cost of goods sold = $48.80 X 8,000

Cost of goods sold = $390,400

Calculate gross profit by subtracting cost of goods sold from sales.

  

  

Selling and administrative expenses can be variable or fixed. Therefore, you should treat the selling and administrative costs like a mixed cost. In this case, the variable rate is $5 per unit and the fixed cost is $112,000. Write your cost formula and plug in the number of units sold for the activity.

Total selling and administrative expense = $5 X 8,000 + $112,000

Total selling and administrative expense = $40,000 + $112,000

Total selling and administrative expense = $152,000

Last but not least, calculate the operating income by subtracting selling and administrative expenses from gross profit.

 

 

Final Thoughts

Having a solid grasp of product and period costs makes this statement a lot easier to do. Calculate unit cost first as that is probably the hardest part of the statement. Once you have the unit cost, the rest of the statement if fairly straight forward.

Certified Healthcare Facility Management - Public Chapter

Assalamualaikum and selamat sejahtera,

Dear participants, please find the below link for the notes for this week class. Study well!

CHFM - Financial Management

Certified Healthcare Facility Management - Public Chapter

Assalamualaikum and selamat sejahtera,

Attached is the slides for last week class -  Management Accounting. Feel free to browse them as I will again 're-visit' the topic in this coming week.

At the meantime, enjoy your Syawal while still can and just remember to do some revision!

CHFM - Management Accounting

Certified Healthcare Facility Management - Public Chapter

Assalamualaikum and welcome to the participants of  CHFM Public Chapter.

I wish a warm welcome to you and brace yourself for an exciting 4 weekends adventure with me. Your classes have already started last Saturday on 9 June 2018. The second class and so forth will be on the 23rd and 30th June and the last will be on 7th July 2018. The D-day, that is your examination will be held a week later, that is on 14th July 2018.

Not to make you worry so much, I'm attaching notes for each of the lectures I conducted for you guys to use them as reference.

The first file is regarding the course outline while the second is Financial Accounting notes. There is also another file, the ASSIGNMENT!. The submission date for the assignment is on 14th July 2018.

Ok, good luck guys!

Course Outlines

Financial Accounting Notes

THE ASSIGNMENT