Week 4 Lecture Notes - Record Keeping

Week 4 Lecture Notes - Record Keeping - THE UNIVERSITY OF...

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Session 1, 2011 AFM1A THE UNIVERSITY OF NEW SOUTH WALES Australian School of Business School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 4 Record Keeping Student Handout Lecturer: Dr. Youngdeok Lim School of Accounting UNSW QUAD 3069 youngdeok.lim@unsw.edu.au Blackboard: http://elearning.unsw.edu.au
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Session 1, 2011 AFM1A WEEK 4: Record-Keeping 1. Introduction This week covers the processes by which transactions are recorded in the accounting system. It describes the criteria that are used to determine if an accounting transaction occurs. It then considers the basic steps in the accounting cycle: source document, journal entries, posting to ledgers, trial balances, adjusting entries, closing entries and the preparation of financial statements. Learning objectives At the end of this topic you should be able to: Explain the various steps in the accounting cycle Prepare journal entries Post to ledger accounts and calculate the closing balances Prepare a trial balance, closing entries and financial statements from post-closing trial balance Required reading Trotman & Gibbins Chapter 4 2. Tutorial Questions – Week 5 Students should attempt these questions before the tutorial. Preparation Questions DQ 4.2, 4.6, 4.7 P4.4, P4.5, P4.13 Tutorial Questions DQ 4.16 P4.14, P4.17 Case 4A
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Session 1, 2011 AFM1A Exercise: General journal of Modified Reval Ltd example (page 179) Date Description Debit Credit
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1 Accounting and Financial Management 1A Week 4 Session 1, 2011 Dr. Youngdeok Lim Quad 3069 Record-Keeping Accounting information and share prices Qantas shares dive as profit plunges ( February 18, 2010, Sydney morning herald) Qantas Airways shares have plunged the most in a year after the airline reported a 72 per cent slide in first-half net profit and said it would pay no dividends as it was forced to profit and said it would pay no dividends as it was forced to slash fares to fill aircraft. Qantas shares ended the day down 24 cents, or 8.1 per cent, to $2.73. The airline, which delivered results within its own forecast range but at the lower end of analysts expectations , said there were some signs of improvement by the end of the second quarter, but increased fuel and depreciation costs would be felt in the second half. Today’s lecture objectives: HOT: Explain the various steps in the accounting cycle Prepare journal entries Post to ledger accounts and calculate the closing balances Prepare a trial balance, closing entries and financial statements from posting-closing trial balance
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2 Accounting Cycle: Big picture Identifying and measuring Source documents Recording Journal entries Transactions 4 Transformation • Adjusting entries • Closing entries Reporting Financial Position Financial Performance Cash Flows Classifying and summarising Ledger Account Trial Balance Accounting assumptions and principles Transactions Judgement required to determine: relevant events to record when and how events enter the accounting system.
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This note was uploaded on 03/19/2012 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

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Week 4 Lecture Notes - Record Keeping - THE UNIVERSITY OF...

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