Lecture notes
Lecture notes FINANCIAL ACCOUNTING BF1120
- Institution
- Aston University, Birmingham (Aston)
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REPORTINGFINANCIAL
PERFORMANCE-
Presentation
Statement title &
of profit
Sub head text
loss/income
statement
,Recap – Last Lecture
• Defined Accounting, its purpose
• Fundamental & enhancing characteristics of
Accounting Information
• Users (internal & external)
• Introduced Main Financial Statements (SOFP; SPL &
SCFs)
• Defined & discussed the purpose of the SOFP
• Elements of the SOFP (Assets, Liability and Equity)
• Accounting Equation (A= L + E)
• Prepared simple statement SOFP
,How the three financial statements are inter-related (articulated)
, REPORTING FINANCIAL PERFORMACE
Learning objectives:
At the end of this session you should be able to:
✓ Define the SPL/income statement & its purpose
✓ Describe the key items in the SPL
✓ Explain the accrual & matching principles and their relevance to the
SPL/income statement
✓ Prepare a simple SPL
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