Acct 1501 Week 1 In Financial Accounting

THE UNIVERSITY OF NEW SOUTH WALES

Australian School of Business

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

Introduction to Financial Accounting & Key Financial Statements
Student Handout

Lecturer: Dr. Youngdeok Lim School of Accounting UNSW QUAD 3069 [e-mail]

Blackboard: http://telt.unsw.edu.au.

Session 1, 2013

WEEK 1: Introduction to Financial Accounting & Key Financial Statements
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
– your responsibility to read View preparation and tutorial solutions Use the Discussion board - 3 Categories
Course Content, Course Administration On-line Practice Set (student only) overseen by staff members

Use appropriately and with respect for others

Student responsibilities: Preparation – for lectures & tutorials Workload and other commitments – balance!!! Attendance 80% rule University & ASB Conduct and behaviour – respectful to others at all times in lectures, tutorials, via email and on Blackboard Keeping informed !!! – Read the course outline; Blackboard Announcements & your university email. ONLY attend the lecturers and tutorials that you are officially enrolled to attend.

Australian School of Business

Introduction to Financial Accounting & Key Financial Statements (Ch 1)

Some ground rules
Please put your mobile phone on SILENT Lectures start at 5 minutes past the hour, and finish at 5 minutes to the hour
We’ll aim to have a 10 minute break half way through

Be
Internal Decision Makers
Managers throughout the organization

How ACCT1501 is positioned within an accounting major

ACCT 1501 & 1511
Providing the foundation & “Setting the scene”
Basic terminology, record keeping, understanding & preparing basic financial statements, exposure to management accounting

Also… Exciting electives!

ACCT 2A & 3B
Management Accounting
Information gathering & reporting for people inside the organisation

ACCT 2B & 3A
Financial Accounting
Information gathering & reporting for people outside the organisation

AUDIT: checking that procedures are in place to prepare financial statements that are true and fair reflection of company position & performance

What is financial accounting?

Financial accounting will be the focus of this course. Financial accounting focuses on the provision of information to users external to the enterprise. The focus is on reporting financial position and financial performance.
We discuss financial accounting in weeks 1 to 10.

What is management accounting?
Management accounting will be the focus of later part of this courses. Management accounting focuses on the provision of information to users within the enterprise (to aid in operational planning and control