Day 10. Preparing basic financial statements
a) Prepare a statement of profit or loss and other comprehensive income or extracts as applicable from given information using accounting treatments as stipulated within section D, E and examinable documents.
b) Understand how accounting concepts apply to revenue and expenses.
c) Calculate revenue, cost of sales, gross profit, profit for the year, and total comprehensive income from given information.
d) Disclose items of income and expenditure in the statement of profit or loss.
e) Record income tax in the statement of profit or loss of a company including the under and overprovision of tax in the prior year.
f) Understand the interrelationship between the statement of financial position and the statement of profit or loss and other