Accg100 Accounting 1A

Lecture Notes Staff version Semester 1, 2014

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

Tutorial Exercises

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

Required Readings: HEM: Chapters 1 and 2 All required readings must be completed before attending class

What is Accounting? The process of identifying, measuring, recording and communicating economic information to assist users to make economic decisions. Users of Accounting Information The users are internal and external decision makers. Internal: owner and manager External: investors, creditors, banks and government Management Accounting Providing information to management to help them plan, control and make decisions. Users are internal. Financial Accounting Reporting information about the entity’s performance and financial position to external users to help them make decisions. The financial statements 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 wide variety of different users to ensure that accounting information is RELIABLE Ethics Ethics is a system of moral principles