Unit 3 Accrual Accounting - School of Accounting Corporate...

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BFA103 – Financial Accounting and Decision Making 2 nd Semester 2009 ___________________________________ School of Accounting & Corporate Governance
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Unit 3 Accrual Accounting ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Objectives: For the student to develop an understanding of: the nature of an accounting information system; the elements of accounting; basic financial reports; the concept of duality and the principles of accrual accounting; the recording and reporting of transactions. ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making References: Atrill, McLaney, Harvey & Jenner. Chapters 3, 4 and 5 ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Elements of Accounting Assets Liabilities Proprietorship Revenue Expense ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making All financial information is recorded using these five (5) elements. ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Assets Essential characteristics : Economic benefit Future ie several accounting periods Control (not ownership) of item Result of a past transaction ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Classification of Assets Current Non-current ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Liabilities Essential characteristics: Existence of present obligation Future sacrifice of economic benefits Result of past transaction ___________________________________
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School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Classification of Liabilities Current Non-current ___________________________________
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School of Accounting & Corporate Governance
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