ACCT1501 Complete Study Notes

ACCT1501 - Accounting and Financial Management 1A

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45 Pages • Complete Study Notes • Year Uploaded: 2022

The compulsory core accounting unit will have a preparer perspective. It will provide an introduction to basic concepts in accounting and their application for decision making by a wide range of potential users (e.g., shareholders, investment analysts, lenders, managers etc). This unit should benefit students who wish to specialise in accounting and those students whose primary interest lies elsewhere in the field of business. On completion, students should have a clear understanding of the accounting process and the language of accounting to enable communication with an accounting professional, understand the relevance of accounting information for informed decision making by a wide range of potential users, and have the ability to analyse and interpret accounting information. Topics covered will include the accounting equation, general purpose financial reports, cash and accrual accounting, adjustments, internal control, the accounting for key balance sheet assets, and interpreting and preparing information for managers to use in planning, decision making and control.

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