Lecture Notes Week 1 - THE UNIVERSITY OF NEW SOUTH WALES...

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Unformatted text preview: THE UNIVERSITY OF NEW SOUTH WALES Australian School of Business School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 1 Welcome to Accounting 1A Student Handout Lecturer: Dr. Amna Khalifa School of Accounting UNSW QUAD 3104 Ph: 9385 6957 [email protected] Course website: http://www.webct.unsw.edu.au/ 1. Introduction Welcome to Accounting and Financial Management 1A. In this first lecture you will be introduced to the lecture staff on the course and be given the Course Outline. We will be outlining the objectives of the subject, its structure and requirements as described in the Course Outline and answer any questions you may have about the course. We will be referring to the Woolworths 2007 Annual Report (WW2007) throughout the course. The annual report is attached as an appendix to T&G pages 709-748. We will then begin to explore the nature of accounting and introduce general purpose financial reports. Objectives At the end of this topic, you should be able to: • Define accounting • Understand the foundations of modern accounting practice • Describe the underlying assumptions of financial reporting • Be aware of the general purpose of financial reports and the users of theses reports • Begin to feel familiar with the Woolworths 2007 annual report • Be aware of all the course requirements for the session Required reading ACCT1501: Accounting and Financial Management 1A: Course Outline Trotman & Gibbins Chapter 1.1 to 1.4, 1.9 - 1.11; Appendix 1 (WW2007) SAC 2, Objective of General Purpose Financial Reporting, Extract, reproduced below Session 1, 2009 AFM1A Session 1, 2009 AFM1A 2. Tutorial Questions – Week 2 Preparation questions You should attempt these questions before the tutorial. The answers to the preparation questions will be made available on the course website at the end of the relevant lecture week. In this way you can check your understanding of these questions before the tutorial class. You are welcome to raise any unresolved issues that you have with the preparation questions with your tutor. • Chapter 1 Discussion Questions 1, 6, 7 & 8 Tutorial questions The answers to tutorial questions are the focus of the tutorial class work: 1. Problem 1.6, 1.25 2. Case 1A, parts 2-7 SAC2 Extract The following extract describes the objectives and users of general purpose financial statements GPFR. In AFM1A we will be taking the perspective of the preparer of GPFR, for in order to have a thorough working knowledge of these statements it is necessary to be able to construct them. Objective of General Purpose Financial Reporting 43 General purpose financial reports shall provide information useful to users for making and evaluating decisions about the allocation of scarce resources ....
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This note was uploaded on 01/22/2011 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

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Lecture Notes Week 1 - THE UNIVERSITY OF NEW SOUTH WALES...

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