week 6 - SchoolofAccounting...

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School of Accounting ACCT 1511: Accounting and Financial Management 1B Session 2, 2010 Week 6 Income and Expenses Recognition Student Handout Contents: 1. Learning Objectives (LO) 2. Tutorial Questions 3. Additional Readings 4. Lecture Materials Lecturer: Andrea Tan Website: http://telt.unsw.edu.au
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1 Introduction and Learning Objectives This week we will examine the concepts of income and expenses, including their recognition, in more detail. Income includes both ‘revenue and gains’. This chapter will focus on revenue recognition. Next, we will also discuss the content of income statements and statements of changes in equity. At the end of this topic, you should be able to LO1. Distinguish between the terms ‘income’ and ‘revenue’ LO2. Explain the criteria used to decide where income and revenues should be recognised LO3. Explain the criteria used to decide whether expenses should be recognised LO4. Calculate the amount of income and revenue that should be recognized in a particular period LO5. Calculate the impact on profit of different revenue recognition methods LO6. Understand the contents of an income statement LO7. Understand the contents of a statement of changes in equity
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2 Required readings: Trotman & Gibbins (TG) Chapter 2, pages 64-66 – under section The Income Statement Chapter 12, pages 524-544 Additional readings: Excerpt from AASB 101 Presentation of Financial Statements, http://www.aasb.com.au/admin/file/content105/c9/AASB101_09-07_COMPjun09_01-10.pdf Other references used in the lecture: Hoggett, J., L. Edwards & J. Medilin. 2006. Accounting. Melton ALD: John Wiley & Sons Australia Ltd Kimmel, P. D., S. Carlon, J. Loftus, R. Mladenovic, D. Kieso & J. Weygandt. 2003. Accounting building business skills. Melton ALD: John Wiley & Sons Australia Ltd Tutorial Questions for Week 6 (Commencing 23th August) Preparation Questions: Trotman and Gibbins: Chapter 12 Discussion Questions 10 and 11 Problem 12.3 Problem 12.4 Homework Questions: Trotman and Gibbins: Problem 12.5 Problem 12.10 Problem 12.17 Case 12F
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3 Additional Readings Excerpts from AASB 101: Presentation of Financial Statements Complete Set of Financial Statements 10. A complete set of financial statements comprises: (a) a statement of financial position as at the end of the period; (b) a statement of comprehensive income for the period; (c) a statement of changes in equity for the period; (d) a statement of cash flows for the period; (e) notes, comprising a summary of significant accounting policies and other explanatory information; and (f) a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. An entity may use titles for the statements other than those used in this Standard.
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week 6 - SchoolofAccounting...

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