Introduction ofFinancial Accounting      Chapter 1
Course objectives Develop knowledge and understanding of underlying principles, concepts and regulations relating to finan...
Course organisation   Introduction of Accounting   Statement of Financial Position   The double entry recording process...
Reference book Keith King, VCE Accounting Units 3 and 4, MacMillan Publisher 2002 Kimmel, Weygandt, Kieso, Financial Accou...
Assessment2. Participation     10%3. Quizzes           15%4. The middle exam   25%5. The final exam    50%
Objective 1        Use accounting          vocabulary
Accounting...    is an information system that...     measures business activities,     processes information, and...  com...
Accounting – information system         Information identification          Information recording           Information an...
Accounting Activities Identifying    Recording Business        Business Activities      Activities                      ...
Accounting...   is called the language of business.
Users of Accounting Information  External users     Internal users make decisions      make decisions about the entity.   ...
Fields of Accounting Financial Accounting              Management Accounting
•       1. Managerial accounting is concerned with        providing information to managers and other                     ...
Financial and Management Accounting                     Financial accounting       Management                             ...
Objective 2   Introduction to financial         Statetment
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Chapter 1. accounting overview1

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Chapter 1. accounting overview1

  1. 1. Introduction ofFinancial Accounting Chapter 1
  2. 2. Course objectives Develop knowledge and understanding of underlying principles, concepts and regulations relating to financial accounting. Use of double entry techniques Prepare financial statements
  3. 3. Course organisation Introduction of Accounting Statement of Financial Position The double entry recording process Middle exam Special Journals Cash Transactions Credit Sales and Credit Purchase Journals The General Journal The perpetual Inventory System Closing the General Ledger Statements of Financial Performance Statements of Cash Flow Depreciation of Non-Current Assets Profit Determination and Balance-Day Adjustments Final exam
  4. 4. Reference book Keith King, VCE Accounting Units 3 and 4, MacMillan Publisher 2002 Kimmel, Weygandt, Kieso, Financial Accounting Fourth Edition
  5. 5. Assessment2. Participation 10%3. Quizzes 15%4. The middle exam 25%5. The final exam 50%
  6. 6. Objective 1 Use accounting vocabulary
  7. 7. Accounting... is an information system that... measures business activities, processes information, and... communicates financial information.
  8. 8. Accounting – information system Information identification Information recording Information analysis Information reporting
  9. 9. Accounting Activities Identifying  Recording Business Business Activities Activities  Communicating Business Activities
  10. 10. Accounting... is called the language of business.
  11. 11. Users of Accounting Information External users Internal users make decisions make decisions about the entity. for the entity.
  12. 12. Fields of Accounting Financial Accounting Management Accounting
  13. 13. • 1. Managerial accounting is concerned with providing information to managers and other internal users • 2. Financial accounting is concerned with measuring and communicating information about business activities to external users (Financial statements) Financial Accounting - Chapter 1 13
  14. 14. Financial and Management Accounting Financial accounting Management accountingReport nature General purpose Special purposeLevel of detail Aggregated DissectedRestrictions Standardised or Minimum regulated restrictionsReporting interval Less frequently More frequentlyTime horizon Backward looking Forward lookingRange of Primarily monetary Often non-monetaryinformation and objective with less objective constraints
  15. 15. Objective 2 Introduction to financial Statetment

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