ASAS Level subject content (topics 1.1-2.2)

• Accruals and prepayments of expenses and income in the ledger

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• Irrecoverable (bad) debts, recoveries and allowances for doubtful debts

  50 min

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• Year-end adjustments to the draft financial statements

  55 min

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• Capital and revenue expenditure and income

  45 min

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• Job, batch and unit costing

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• Accounting for materials and labour; just in time

  55 min

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• Cost behaviour: fixed, variable, semi-variable and stepped costs

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• Cost terminology and the purposes of cost accounting

  45 min

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• Inventory valuation: IAS 2, FIFO and AVCO

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• Reconciliation and verification of ledger accounts

  40 min

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• Books of prime entry and the general journal

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• Computerised accounting systems: use, advantages, disadvantages and data security

  35 min

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• Concepts of recording: entity, historical cost, money measurement, duality, objectivity

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• Concepts of reporting: prudence, matching, realisation, materiality, consistency, going concern, substance over form

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• Double entry, the accounting equation and ledger accounts

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• Sources of finance for sole traders, partnerships and companies

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• Types of business organisation: sole trader, partnership, company

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• Users of accounting information and their needs

  35 min

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• Absorption costing statements and profit; uses and limitations

  55 min

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• Over- and under-absorption of overheads

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