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Accounting I semester notes $8.09
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Class notes

Accounting I semester notes
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  • Course
  • 0101 - Accounting
  • Institution
  • Modul University Vienna
  • Book
  • Accounting and Finance: An Introduction

Notes from the lectures and the book of the whole semester. Table of contents: 1. Introduction 2. Management and financial accounting 3. Financial statements (Income statement, balance sheet, cash flow) 4. Costing inventories 5. Trade receivables 6. Limited companies 7. Double entry ...

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Document information

  • June 4, 2023
  • 26
  • 2022/2023
  • Class notes
  • Zihr
  • All classes

Subjects

  • accounting
  • financial statements
  • balance sheet
  • income statement
  • cash flow statement
  • costing inventories
  • avco
  • fifo
  • lifo
  • trade receivables
  • double entry bookeeping
  • limited companies
  • ratios

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  • Modul university Vienna
  • 0101 - Accounting
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Introduction
Accounting → Collecting and delivering information to help stakeholders make better decision

Finance → Ways to raise and invest funds to help stakeholders in their decision making process


Stakeholders
user group (internal or external) which have an interest within the business

INTERESTS DECISION

Employees future plans, profit whether or not working in the company

Customers reliability, prices whether or not buying goods or services

Lenders receive their money back whether or not lending money

Investors pay for the services supplied whether or not investing

Owners look for profit whether or not investing

Community new workplaces provide economic support



Purpose of a business
satisfy all stakeholders
reaching targets

customer is a king

Financial objectives
main → enhance wealth of its owner
secondary → good working conditions, product quality


Information
Sources
meeting with managers

newspapers

announcements made by the company

internet → reports

Weighing costs and benefits
if costs < benefits then the information should be produced

optimal quantity → when the gap costs - value is at its greatest

Usefulness
Fundamental

Relevance

influencing decision → predict future events and confirm past ones

Materiality → if the omission of a certain information would affect the decision making process

Faithful representation

Complete

free from error

neutral




Introduction 1

, Enhancing

Comparability

Verifiability

Timeliness

Understandability




System

graph LR
id1(Information IDENTIFICATION) --> id2(Information RECORDING) --> id3(Information ANALYSIS)--> id4(Information REPORTING)




Introduction 2

, Management and financial
accounting
Management accounting → information for managers

not highly regulated because managers have the power to decide when to receive the
report

Financial accounting → information for external stakeholders

MANAGEMENT FINANCIAL

Nature of the
Specific purpose (profit of a specific thing) General purpose
reports
Level of detail Very detailed Broad overview

Regulation Unregulated Subject to accounting regulation

Reporting interval As short as required Annual or biannual

Time horizon Projected future information and also past ones Historical

Focus on financial information
Range and quality Financial and non financial information often
emphasis on objective verifiable
of information these information cannot be verified
evidence



Business proprietorship
Sole proprietorship → 1 person

easy to set up, flexible

BUT unlimited liability

Partnership → ≥ 2 people

easy to set up, spreads burdens

BUT unlimited liability and you have to find partners you get on well

Limited liability company → ∞

limited liability

BUT obligations set up by the company




Management and financial accounting 1

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