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40 Pages • Complete Study Notes • Year: Pre-2021
ACCT1501 is one of the first year core units in the undergraduate business program. It is the first course in a sequence of courses dealing with the profession and practice of accounting. It illustrates the analysis and design of a financial accounting system which processes financial data and produces financial reports geared to the information needs of interested parties, including stakeholders and so on. It starts with the introduction of the financial statements, and then details the working of the full accounting cycle, the contents of annual reports and concludes with a brief introduction to management accounting and cost volume profit (CVP) analysis. Additionally, more specific topics such as cash holdings and receivables, inventory, and non-current assets are discussed. It introduces students to the design of accounting systems based on double-entry book-keeping and incorporating other internal controls, and the problems of accounting for cash, debtors, inventories and property, plant and equipment. It also provides a critical introduction to the ideas underlying accounting practice and to issues associated with the uses and limitations of traditional financial reports. The course examines the differences between financial accounting and management accounting and focuses on the use of management accounting information and CVP analysis.
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