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. 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. Reference book
Keith King, VCE Accounting Units 3 and
4, MacMillan Publisher 2002
Kimmel, Weygandt, Kieso, Financial
Accounting Fourth Edition
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. Financial and Management Accounting
Financial accounting Management
accounting
Report nature General purpose Special purpose
Level of detail Aggregated Dissected
Restrictions Standardised or Minimum
regulated restrictions
Reporting interval Less frequently More frequently
Time horizon Backward looking Forward looking
Range of Primarily monetary Often non-monetary
information and objective with less objective
constraints
15. Objective 2
Introduction to financial
Statetment
Editor's Notes
Accounting can be divided into two fields – financial accounting and management accounting. Financial accounting focuses on information for people outside the entity. Management accounting focuses on information for internal decision makers of an entity.
