Acct1501 Wk1

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THE UNIVERSITY OF NEW SOUTH WALES

Australian School of Business

School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 1

ADJUSTMENT TO ACCOUNTING ENTRIES
Student Handout

Contents: 1. Introduction 2. Tutorial questions – Week 1 3. SAC2 Extract 4. Woolworths Annual Report 2007 Extract 5. Lecture slides

Lecturer: Trish Strong School of Accounting UNSW QUAD 3067 Ph:9385 6657 t.strong@unsw.edu.au

Session 1, 2011

Course website: http://telt.unsw.edu.au/

1.

Introduction

Welcome to Accounting and Financial Management 1A. In this first lecture you will be introduced to the lecture staff on the course and be given the Course Outline. We will be outlining the objectives of the subject, its structure and requirements as described in the Course Outline and answer any questions you may have about the course. We will be referring to the Woolworths 2007 Annual Report (WW2007) throughout the course. The annual report is included as an appendix in your course textbook (Trotman & Gibbons (T&G) pages 709-748). We will then begin to explore the nature of accounting and introduce general purpose financial reports.

Learning objectives
At the end of this topic you will be able to:        Understand the overall course requirements and assessment tasks for this unit. Understand how these assessment tasks link to the ASB graduate attributes. Define Accounting Understand the foundations of modern accounting practices including the underlying assumptions of financial reporting Be aware of the general purpose of financial reports (GPFR) and the users of these reports. Begin to understand the accrual concept Begin to become familiar with the Woolworths 2007 annual report and the information it contains.

Required Reading
ACCT1501: Accounting and Financial Management 1A: Course Outline Trotman & Gibbins Chapter 1: sections 1.1 to 1.4, & 1.9 - 1.11; Appendix 1 (WW2007) SAC 2, Objective of General Purpose Financial Reporting, Extract, reproduced below.

AFM1A

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2.

Tutorial Questions – Week 2

Preparation Questions You should attempt these questions before the tutorial. The answers to the preparation questions will be made available on the course website at the end of the relevant lecture week. In this way you can check your understanding of these questions before the tutorial class. You are welcome to raise any unresolved issues that you have with the preparation questions with your tutor. This will be important and essential information for you when you complete your reflection task. • Chapter 1 Discussion Questions 1, 2, 3, 7 & 12 and Problem Question P1.6, P1.7 & P1.16 & Case C1A (parts 1-7) Tutorial Questions The answers to tutorial questions are the focus of the tutorial class work: • • • Discussion Questions 12, 14 & 16 Problems P1.15, & 1.25 Cases C1A, parts 1-7 & C1C

AFM1A

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AFM1A

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SAC2 Extract
The following extract describes the objectives and users of general purpose financial statements GPFR. In AFM1A we will be taking the perspective of the preparer of GPFR, for in order to have a thorough working knowledge of these statements it is necessary to be able to construct them. Objective of General Purpose Financial Reporting 43 General purpose financial reports shall provide information useful to users for making and evaluating decisions about the allocation of scarce resources. Accountability 44 Managements and governing bodies shall present general purpose financial reports in a manner which assists in discharging their accountability. Information disclosures 45 General purpose financial reports shall disclose information relevant to the assessment of performance, financial position, and financing and investing, including 1 information about compliance.

Users of General Purpose Financial Reports 16 Many individuals and organisations base resource allocation decisions on their relationship with and knowledge about reporting entities and are...
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