Financial accounting - Personal Home Pages (at UEL)
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FE1016
Financial Accounting 1
Semester A
2012/13
Module Leader
Mostafa Hussien
www.uel.ac.uk/business
Room BS.3.35
Email: [email protected]
Module Tutors:
M Hussien, A Owusu
Module Team & Contact Details
O Module Leader: Mostafa Hussien
My Office room: BS.3.35
E-mail: [email protected]
Student Hours: Wed 1-3 pm, Thursday 1-2 pm
O Module Team:
Mostafa
Albert
Core Text Book
Selected Chapters from
Weetman, P. (2011) Financial accounting - an
introduction (5th Edition), Harlow: Financial
Times Prentice Hall
Formal Assessment
O The formal assessment consists of 2
components. These two components are
as follows:
O First Main Component- Individual
Coursework (30%): Each student will be
required to write a report concerning
Financial Analysis.
O Second Main Component- Examination
(70%): A two-hour Final Examination
which would take place at the end of
the programme.
Informal Assessment
O This consists of 2 in-course tests taking
place during weeks 5 and 10:
O Week 5 In-course Test: This will take
place during workshop and would last
for 50 minutes. It will consist of 10
multiple choice statements covering
lectures 1-4.
O Week 10 In-course Test: This will take
place during workshop and would last
for 50 minutes. It will consist of 10
multiple choice statements covering
lectures 5-9.
NO PRESSURE
Indicative Content:
O Introduction to Accounting
O Users and Uses of Accounting Information
O Assets, Liabilities and Ownership Interest The Balance Sheet
O Principles and Measurement of Financial Performance The
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Income Statement
Analysis and Interpretation of Company Financial Statements
The Double-Entry System and Final Accounts
Treatment of Non-Current Assets
Accounting for Inventories and Receivables
Treatment of Long-Term Finance
Accounting requirements of the Companies Act
Nature and context of auditing
Revision
Revision
FE1016
Lecture 1
Financial Accounting 1
Reading:
Weetman, P (2011) Chapter 1
Topic 1
Introduction to Accounting
O Reading:
Chapter 1 Weetman P (2011).
O Main Points to be covered:
Background and Introduction
Identify the nature and purpose of accounting
Identify the main users of financial information and
discuss their needs
Understand the difference between management
and financial accounting
Identify the role and responsibilities of the
accountants
Types of Business Entities
Sole traders where one person owns a
business
Partnerships where two or more
people form a business
Companies (legal entities separate
from their members)
Companies Limited by Shares
Public limited companies PLCs
minimum authorised share capital £
50,000
shares are offered for sale to the general
public
most, but not all, are listed
Private companies Ltd
not allowed to offer their shares for sale
to the general public
Role of Organisations in Society
To maximise profit
To maximise share price
To provide employment
To avoid environmental damage
What is Accounting
Provide a definition
Look at what accountants do
Differences between financial
accounting and management
accounting
Introduction to Accounting
O Accounting is concerned with providing
& non-financial information
both financial
---------------------that will help decision-makers to make
good decisions.
Users of Accounting Information
Users of accounting information can be
divided in two categories:
1. ---------Internal parties within the organisation,
managers ; and
mainly ------------
shareholders ,
2. External
---------- parties such as ------------------creditors and regulatory agencies, outside
the organisation.
Branches of Accounting
It is possible to distinguish between two branches of
accounting, that reflect the internal & external users
of accounting information.
1. Management
------------accounting is concerned with the
provision of information to people within the
organisation to help them make better decisions.
2. ------------accounting is concerned with the
Financial
provision of information to external parties outside
the organisation.
Financial Accounting
In this module we are concerned with
financial accounting
The product of financial accounting is
financial statements (to be covered next
week)
Seminar 1:
Q1: What is the purpose of producing accounting information?
Q2: Explain why you believe all organisations need an accounting
system ?
Q3: Discuss how financial accounting differs from management
accounting?
Q4: Discuss what you consider might be appropriate measures of
success for a hospital.
Q5: Explain what you consider to be the role and responsibilities
of an accountant?
Reading:
Weetman Chapter 1
Main points to be covered:
Users needs and interests in financial accounting
Need for financial statements
General Purpose and specific purpose of financial statement
Different Financial Statements
[email protected]
BS.3.35
Wednesday 1-3 pm
Thursday 1-2 pm