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Acct1501 Notes Essay

3422 words - 14 pages

ACCT1501
 
Financial
 accounting:
  • Purpose:
 produce
 useful
 info
 used
 in
 many
 &
 varied
 ways
  • Info
 generated
 used
 to
 improve
 decision-­‐making
 in
 allocating
 scarce
 resources
  • External
 focus,
 often
 used
 by
 parties
 external
 to
 enterprise
 e.g.
 shareholders,
 investors,
 bankers,
 legislators,
 employees
 
  Management
 accounting:
  • Oriented
 towards
 helping
 managers
 &
 others
 inside
 enterprise
 
  Financial
 performance:
 
  Link:
  • Generating
 new
 resources
 from
 d-­‐t-­‐d ...view middle of the document...

 structure
 (mix
 of
 debt/equity)
  − Liquidity:
 ease
 of
 converting
 assets
 to
 cash
 (ST
 focus)
  − Solvency:
 ability
 to
 pay
 debts
 when
 due
 (LT
 focus)
  • Always
 has:
  − Name
 of
 entity
  − Type
 of
 fin.
 statement
  − Date
 
  − Currency
 
 
  3
 main
 elements:
  Assets
  Liabilities
  Equity
  • Future
 eco
 benefits
 controlled
 by
 org
  • Future
 sacrifices
 of
 eco
 benefits
 org
 is
  • Excess
 of
 A
 over
 L
 
  as
 result
 of
 past
 transactions/events
 
  presently
 obliged
 to
 make
 to
 others
 as
  • Residual
 claim
 of
 shareholders
 on
  result
 of
 past
 transactions/events
  assets
 of
 org
  • Due
 to
 debt
 or
 equity
 
  • Current:
 paid
 off
 within
 12
 months
 
  • Current:
 realise
 benefits
 in
 next
 12
  • Net
 profit
 is
 part
 of
 the
 movement
 in
  months
  owners
 equity
  • Non-­‐current:
 remain
 liabilities
 for
 at
  least
 the
 next
 yr
  • Non
 current:
 realise
 benefits
 over
  • 2
 main
 elements:
  longer
 period
  • E.g.
 accounts
 payable,
 loan
 payable,
  − Share
 capital:
 amount
 owners
  wages
 payable
  • E.g.
 cash,
 property,
 equipment,
  directly
 invested
 
  inventory
  − Retained
 profits:
 
 
   Total
 cumulative
 amounts
 of
  profits
 company
 retained
 in
  business
 rather
 than
 dividends
   Incl
 retained
 profits
 beginning
  of
 period,
 net
 profit,
 minus
  dividend
   Dividends
 are
 not
 expenses
 –
  not
 paid
 to
 3rd
 party
 

 ORP
 +
 (R
 –
 E)
 –
 Div
 =
 CRP
 


 

A
 
 
 
 
 =
 
 
 
 
 L
 
 
 +
 
 
 E
 
A
 =
 Lt
 +
 {SCt
 +
 [RPt-­‐1
 +
 (R
 –
 E)
 –
 Div]}
 
Resources
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Sources
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Debits
 
  Credits
 
 
 


 

CA
 +
 NCA
 =
 (CL
 +
 NCL)
 +
 (SC
 +
 RP)
 
 

**NB:
 
  • Not
 all
 A
 &
 L
 reported
 on
 B/S;
 must
 meet
 definition
 criteria
 &
 recognition
 criteria
  • If
 not
 met,
 details
 disclosed
 in
 notes
 to
 fin.
 statements
 
  Recognition
 criteria:
  • Probable
 that
 any
...

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