Intro_7_a - Introduction to Management Week 7- FINANCIAL...

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Introduction to Management Week 7- FINANCIAL ACCOUNTING WEEK 8 – MANAGEMENT ACCOUNTING Jaypal Jain Departmental Lecturer in Management (Accounting) Said Business School, University of Oxford E-mail: jaypal.jain@sbs.ox.ac.uk
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Aims and objectives Financial Accounting (Week 7) A. The basic enterprise-level accrual accounting system to record financial transactions and events, i.e. the double-entry system; B. The various books and records kept by entities and the outcome of the accounting system. C. To learn how to construct and read the financial statements for sole proprietorship and corporate entities D. Measuring performance through ratio analysis E. The role of IFRSs in financial reporting, and the implications for the society Management Accounting (Week 8) A. the principles involved in designing and evaluating management and cost accounting information systems. B. Understanding, with the emphasis on product costing, classification of costs from the point of view of the decision-making process i.e. short-term and long term, cost behaviour and the relevance of absorption costing systems. C. strategic management accounting practices
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What is accounting? The American Accounting Association defines accounting as ‘the process of identifying, measuring and communicating economic information to permit informed judgement and decisions by users of the information’.
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Accounting is : •Is the language of business that helps modeling business activity • It is a system and hence has set guidelines • It is dynamic and provides useful information to users of accounting information • For people.
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Intro_7_a - Introduction to Management Week 7- FINANCIAL...

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