Lecture notes
Lecture notes FINANCIAL ACCOUNTING (BF1120)
- Institution
- Aston University, Birmingham (Aston)
Collection of lectures regarding financial accounting, from Aston University
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BF1120 –Introduction to
Financial
Presentation title
Accounting and the
Sub head text
Statement of
Financial Position
,Module Content
1’st half: Financial Accounting
▸ Introduction to accounting, Accounting Principles and the financial
statements: Statement of Financial Position (SoFP), Income Statement (IS
or P&L) and Cash Flow Statement (CFS)
▸ Key accounting treatments: NCA’s, impairment, inventory valuation and
provisions.
▸ Interpretation of financial information.
▸ Limitations of the traditional accounting model; the socio-political context of
accounting; alternative accounting models.
2nd half: Management Accounting
▸ Product costing and pricing
▸ Cost – Volume – Profit (CVP) analysis for decision making
▸ Using relevant costs for decisions
▸ Cash and profit budgets
▸ Budgetary control using variances and Key Performance Indictors (KPIs)
,Why do I need accounting?
▸ Run your own business?
▸ Communicate with finance professionals in any
kind of business
▸ https://www.youtube.com/watch?v=DB5zyGyxKfw
▸ Auditors!
▸ Be a better manager
▸ Manage my personal finances better
▸ Study further?
▸ Countless other reasons . . .
, Agenda
▸ Define Accounting
▸ Main Financial Statements
▸ Statement of Financial Position (SoFP)
▸ Preparation of Simple Statement of Financial Position
▸ LEARNING OUTCOMES:
▸ Define accounting & explain the purpose of accounting
▸ Identify the users of accounting information and explain their respective
information needs
▸ Identify the main financial statements
▸ Explain the purpose of the SoFP & discuss the elements
▸ Prepare a simple Statement of Financial Position
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