Unit 3 Accrual Accounting

Unit 3 Accrual Accounting - BFA103 Financial Accounting and...

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Unformatted text preview: BFA103 Financial Accounting and Decision Making 2 nd Semester 2009 ___________________________________ School of Accounting & Corporate Governance School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Unit 3 Accrual Accounting ___________________________________ 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. ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making References: Atrill, McLaney, Harvey & Jenner. Chapters 3, 4 and 5 ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Elements of Accounting Assets Liabilities Proprietorship Revenue Expense ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making All financial information is recorded using these five (5) elements. ___________________________________ 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 ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Classification of Assets Current Non-current ___________________________________ 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 ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Classification of Liabilities Current Non-current ___________________________________ School of Accounting & Corporate Governance...
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This note was uploaded on 04/30/2011 for the course ECONOMIC 0053665 taught by Professor Allen during the Spring '10 term at American Baptist.

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Unit 3 Accrual Accounting - BFA103 Financial Accounting and...

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