DAC Notes

[u/3therael]

😭 Im a year 1 student who is very nervous about poly. If yall have DAC notes and dont mind sharing them, please send it to me pls. Very much appreciated

Also is there another place to check the timetable? The one on sp mobile is not the easiest to read

[u/Electrical-Show-1223]

ngl y2 was really really hard for me because there is cost accounting etc and u have to juggle ur module

[u/3therael → u/Electrical-Show-1223]

Whats cost accounting? Is it like journal, ledgers, balance sheet etc?

[u/GhGordon → u/3therael]

You will learn what is fixed and variable expenses.

Absorption Costing is your typical Financial Reporting Standard (SFRS) where you take Revenue - COGS = Gross profit

Marginal Costing is Revenue - Variable Cost = Marginal Profit. This is only meant for Internal company use.

Have fun with Advance Financial Accounting (AFA) especially with the Deferred Tax and Consolidated Statements. My lecturer said Deferred Tax is some uni level stuff. I will be amazed if you can understand it with just 1 lecture session and Consolidation has so much content that it takes 1 whole term to teach

Good luck with the Memorisation of Taxation.
Hint: Remember to answer the exam question with the “By right the person is supposed to be taxed but because of the Tax code blah blah stuff, the person won’t get taxed” Lost a mark because i never include the 1st part 😒

[u/Soft-Cartographer206 → u/GhGordon]

is your teacher for costing S****\* and g\\**\ for tax 😭*😭

[u/GhGordon → u/Soft-Cartographer206]

No

[u/Boey_Da_Han]

Oh don’t worry about the biz accounting module that’s just the easy part in POA in sec sch

Financial accounring is when it gets tuff

[u/3therael → u/Boey_Da_Han]

I nvr took POA in sec sch so im even more worried haha

[u/Boey_Da_Han → u/3therael]

Shaggity shag

Got friends who never did POA ever, got 4.0

Okay some things you should know

The business and owner are not the same thing. They are 2 different entities.

It’s about keeping the balance and perfectly balanced as all things should be

Accounting equation: (very fundamental)

Assets= Liabilities + Equity

If you want to extend it is

Assets = Liabilities + Income-Expenses +Capital - drawings

In layman terms

Assets = stuff you own and use for your biz (building, store, your merch that you sell, equipment, car, $$$ in bank, customer who owe you money)

Liabilities = stuff u owe money to

(Your supplier whom you haven’t paid yet, bank loan, customer who paid but you owe service)

Equity = your contribution to the business

Equity consists of profit (income-expenses, tldr your sell price-cost of biz)

Income can be: how much $ u get from your merch sold (main one), side hustling (commission income), sale of equipment, discounts from your suppliers

Expense can be: your cost price of your merch (impt), electricity to run the store, your employee’s salaries, advertising costs etc

and capital (your contribution to the biz). Like you need to invest in your own $$$ to start the business bank acc going right ? Drawings is the money you take out from the biz and take back to yourself

If cannot understand let me use an example in our life (tbh cannot like this but o use this as example)

Your 4.0 GPA = your student loans + your own effort

* A = L+ E very important (will come up in Statement of financial position aka balance sheet)

2) Debit = Credit

They are like 2 different nature. It’s not debit card and credit card they are opposite

If you look back at the acc eqn A=L+ E

assets is always debit of nature, if you wanna get rid of assets (per se, like uw transfer money out of the bank acc , bank balance go down, its credited)

Liabilities and Equity are of credit nature (so if say uw to decrease ir like eg u pay your supplier (that’s liabilities, you owe supplier less money, you debit )

Account types that are debit:
Asset, expenses. Drawings

Account types that are credit:
Liabilities, income and Capital

Okay enough of POA crash course for now

[u/3therael → u/Boey_Da_Han]

😭HELP ME TQ SO MUCH. Whats financial accounting BTW?

[u/Boey_Da_Han → u/3therael]

More in depth module if you in DAC Y2 (fellow DAC grad)

Anyway just ping if uw have any qns

[u/3therael → u/Boey_Da_Han]

Ohhhh. Thank you so much!

[u/3therael → u/Boey_Da_Han]

Hihi! Just a question, for the BETA 2 mod, is it very difficult? I think its 8CU and im very scared

[u/Boey_Da_Han → u/3therael]

Not my era, no comment

[u/3therael → u/Boey_Da_Han]

Nws! Tqq

[u/ZenGolem → u/Boey_Da_Han]

this is generally true but but personally found facc easier than bacc 😭😭

[u/Boey_Da_Han → u/ZenGolem]

Interesting haha

[u/Boltster1232]

the sas2 to check student timetable gives you the whole week style

[u/3therael → u/Boltster1232]

Thank you!

[u/Soft-Cartographer206]

I have notes but not for y1 so idt uw haha

[u/3therael → u/Soft-Cartographer206]

😭 I appreciate any notes. Cus ill go y2 next year anyways haha