Accg100 Accounting 1A

Lecture Notes

Semester 2, 2012

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Table of Contents
Lecture Notes
Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories Week 10: Non-Current Assets Week 11: Cash Management and Control Week 12: Accounting for Receivables Week 13: Revision Tutorial Exercises Terminology

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14 27 42 53 64 70 80 86 97 111 123 134 149 150 168

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Lecture Notes Week 1 Introduction to Accounting, Ethics, Business Entities, Financial Statements

Required Readings: HEM : Chapters 1 and 2 All required readings m ust be com pleted before attending class

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What is Accounting? The process of ________________________________and ___________ economic information to assist users to make _____________. Users of Accounting Information The users are internal and external decision makers. Internal: External: Management Accounting Providing information to management to help them ____, ______ and ____________. Users are ________. Financial Accounting Reporting information to ________users to help them make decisions about the entity’s __________ and ____________. The reports produced for the external users are known as General Purpose Financial Reports (GPFR) and include:  Balance Sheet  Income Statement  Statement of Changes in Equity  Statement of Cash Flows (not covered in Accounting 1A) The information in the GPFR must abide by accounting standards and are produced for a to ensure that accounting information is RELIABLE. Ethics Ethics is a system of Examples of unethical behaviour: -