Lecture slides 1(1) - Finance and Accounting and Corporate...

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‘Finance and Accounting’ and ‘Corporate Finance And Financial Statements’ Fundamentals of Financial Accounting
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Admin Lectures as per handout, today and Friday. Homework! Tutorials/Exercise lecture weeks 2 and 3 Online 1 hour Test – Wednesday week 4 Exam – F and A OR CFFS planned for January Fire exits
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Course Aims To introduce students to the meanings and uses of financial information To enable students to analyse accounts To enable students to comment on the financial well being of a business
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Today Introduction The Statement of Financial Position/Balance Sheet The Statement of Comprehensive Income/ Income Statement/Profit and Loss How transactions affect the statements
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What are Accounts?
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Equity Loans Capital Cash Tax Non-current assets Materials Labour Production overheads Sales General o/heads WIP Receivables/ Debtors
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An Accountant Performs stewardship function – confirming what has happened Prepares Financial Information to enable users to make better, more informed decisions
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Accounting Information System HOW DOES IT WORK? Identify and Capture information Record the information Analyse and Interpret it Report information in a form, to suit the user’s or users’ needs
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Accounting Information What does it record? Past Events Published Financial Statements Future Events Budgets and Forecasts
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Accounting Information Who for? External Users Suppliers Customers Government Investors Banks/Other Lenders Shareholders Internal Users Managers Employees
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2 Types of Accountancy Financial Accountancy Preparing information for external users Management Accountancy Preparing information for internal users
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Financial Accounting External reporting/users Legal requirements Financial information Produced annually Past events
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Conceptual Framework Information Useful Investors, Lenders, Other creditors Making decisions about providing resources These are primary users. Others are secondary users
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Qualitative Characteristics Fundamental Enhancing Pervasive Constraints
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Fundamental Relevance Faithful representation
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Enhancing Comparability Verifiability Timeliness Understandability
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Pervasive Constraints Materiality – linked to relevance Cost versus benefits
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This note was uploaded on 12/01/2011 for the course ACCOUNTING 14585 taught by Professor Pakidt during the Spring '11 term at Bristol Community College.

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Lecture slides 1(1) - Finance and Accounting and Corporate...

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