Financial Accounting And Reporting Lecture Notes Pdf
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- Introduction into Financial Accounting according to IFRS
- Financial accounting and reporting
- Financial Accounting Note pdf download - handwrittenLectureNotes for free
- Financial accounting and reporting notes.pdf
Financial Accounting Chapter 2 Quiz Answers. Acct Ch 2 Quiz Answers. Answers to Bob's Baubles.
Notes help financial statement users understand how they amounts were derived and what other information may affect their decisions. October ; Authors: Jumah Aswad Zarnan. I examine characteristics of some of the more common non-GAAP earnings adjustments to propose a financial performance reporting model that consistently presents. Financial Accounting Chapter 1 Lecture - Part 1. Lecture 2: Financial Statements.
Introduction into Financial Accounting according to IFRS
Nature and Purpose of Accounting 1. Record Keeping and the Double Entry Principle 2. Suspense Account and Correction of Errors 3. Cash Book and Bank Reconciliation Statement 4. Control accounts 5. Adjustments in Preparation of Final Accounts 6. Igben ii Business Accounting by F. Welsoh and D. Deuglas viii Principles of Accounting by J. Helmkamp, L. Indieke and R. The course outline along with the complete lecture notes and discussion exercises would be made available to the class and would be posted onto the internet.
Students are expected to photocopy and or download and read the notes before each lecture for better understanding and effective participation during class discussion. However, what is clear from all those definitions is that accounting involves the provisior1 of information that guides decision making by various user groups. The definition of accounting, which has relatively enjoyed greater acceptability among accounting scholars, perhaps than any other definition, is the one given by the American Accounting Association- AAA- in , which defined accounting as the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of the information.
This definition echoes the fact that the fundamental objective of accounting is the provision of timely, relevant, reliable, adequate, understandable, and comparable information to guide various decisions economic.
From all the above given definitions, three key phases can be identified: i Data Collection Phase: This phase has to do with obtaining details of financial transactions from source documents invoices, receipts, payment vouchers etc. In doing this, the accountant will analyze and interpret the information in a manner that will make it comprehensible for the users of the information, who in turn, can take appropriate decisions.
Wood and Sangster define book-keeping as the process of recording data relating to an accounting transaction in the accounting books. The Association of Accountancy Bodies in West Africa ABWA, also see book-keeping as the recording phase of accounting, as it involves the classification and recording of business transactions in the books of accounts. Book-keeping from the definitions given, can be clearly seen to involve only the recording phase of accounting.
The major processes involved in book-keeping are: i The classification of business transactions using source documents. Book-keeping and accounting started long time ago, though the exact date is not known, there is evidence to suggest that they originated right from the time people started having financial dealings among one another.
Financial records keeping is thought to have begun in about B. Clay tablets were used in the Babylonian Empire to record various facts. Many of these records contained lists of events as they occurred or lists of goods belonging to an individual or estate. Similar types of records have also been found describing business activities in ancient Greece, Egypt, and Rome.
All these early records contained mostly lists of inventories of goods and debts, later records began to reflect a concern for computing profit and loss from the ventures.
Although these early records are interesting, they add little insight in to the development of modern day accounting, which is based on a double entry method. In the book, Pacioli described three wait books of accounts: the waste book rough notes showing transactions , the journal and the ledger. Pacioli opined that every accounting transaction involves two things: gaining and losing of value. And, like an algebraic expression which is solved by performing the same operation on both sides of the equality sign, accounting transaction is solve by debiting one account the receiver of value and crediting another account the giver of value.
By tension, this means that the total assets of a business should equal to the sum of its capital and liabilities. In the late 15th Century, the science of recording and measurement of economic information rapidly developed under pressures brought about by accelerated development in the technological and economic fields.
By then, the influence of Italy on the accounting profession has dwindled almost to the point of insignificance. The introduction of double entry is therefore an important event that marked a turning point in the history of accounting, which deserves a significant position in the annals of accounting history. However, as a result of the dynamism of accounting, being mostly influenced by the volatility of its environment, socio- cultural and otherwise, accounting history is a continuous exercise that seems to have no foreseeable end.
The Industrial Revolution in Europe during the eighteenth and nineteenth centuries produced many significant social and economic changes, including the automation of production i. The factory system was based on the use of machinery and equipment for mass production. Relatively, large industrial and commercial outfits developed, requiring large investments of capital, many of which were incorporated as limited liability companies i.
Large capital requirements by companies necessitated the separations of ownerships from management. This brought about the need for the periodic reporting of results of operations and financial positions of companies to their owners as opposed to the venture system.
The stewards managers of resources rendered periodic accounts of their stewardship as a demonstration of accountability. It is this practice that has metamorphosed into the preparation and presentation of financial statements by companies today. The extra-ordinary expansion of business that was witnessed during the industrial revolution which led to the evolution of great corporations was a phenomenon common to America, England and Germany.
It became necessary at his juncture for managers to report to the owners of the business their activities during the period under review.
Such reports would include: i How the financial resources of the business have been invested during the period. Financial information was not only then needed by management but also by different categories of users, including shareholders, creditors and government, among other for their decisions making. This development also necessitated and brought about the statutory audits of companies by independent but competent auditors who attest to the truth and fairness of financial statements in order to lend more credence to them.
As a result, accounting gradually began to serve as a communication process, as well as, a means of keeping records. Similarly, the emergence of management accounting is associated with the advent of industrial capitalism as a result of the industrial revolution. The emergence of management accounting was necessitated by the need to develop an accounting technique that would assist in the management of companies. Management needed much more detailed and timely accounting information than the summarized results often found in financial statements.
As a result of mass production, it became imperative for management of corporations to device costing techniques that could be applied in determining cost of production which would serve as guide in decisions making, particularly in the areas of pricing and cost control, inventory valuation, determination of cost of product etc.
Management accounting developed further, as a result of the scientific management movement by Fredrick Winslow Taylor. Further more, the development of computer and Information and Communication Technology along with it, marked yet another important point in the history of accounting.
Like other social, environmental or technological changes, the development of computer has also impacted on accounting profession. The emergence of computers has refined the procedures for applications of earlier developed accounting principles and has significantly facilitated accounting practice, which facilitate timely and accurate processing and communication of accounting information to various user groups.
Properly, organized systems of trade and government were in existence in the ancient kingdoms and empires of Benin, Oyo and Kanem Bornu, which are in the present day Nigeria. The fact cannot, therefore, be denied that these systems of trade and governance were in need of accounting information. The granting of a Royal Charter in to the National African Company, which later became the Royal Niger Company of Nigeria, made it compulsory for the company to keep proper accounting records.
Enugu follow suit. After , accounting degrees and diplomas programmes were started by some Nigerian universities and polytechnics, namely the University of Nsukka, the University of Lagos, the University of Ibadan formerly, College of Art and Science, Ibadan and the Kaduna Polytechnic. Year after year, the number of institutions offering courses in accounting continues to increase. Today, there are an upward of universities, polytechnics, monotechnics and colleges of education in Nigeria which offer various courses in accounting.
The Association had three main objectives, as follows: 1. The acceptance of the Association by the various sectors of the Nigerian economy led to official recognition given by the Federal Government on the 28th September, through the passing into law the Act of Parliament No. From , this automatic membership was modified and those who hold such foreign qualifications are now expected to pass some papers of the ICAN, before they are eligible for admission into its membership.
The history of professional accounting in Nigeria shows that Akintola Willams was the first Nigerian to qualify as a Chartered Accountant. In addition, F. Zayyad, Daniel Easton, William Bond, Aliko Muhammad, just to mention but a few, were also among the first Nigerians who qualify as professional accountants in the country. ANAN, at the beginning of its existence grants automatic membership to some deserving Nigerians holding accounting certificates from different walks of life. Later ANAN established a college in Jos, which every person wanting to be admitted as its member must attend and pass its qualifying examination.
Today, there are a number of accounting bodies and associations that are seeking government recognition in Nigeria. In the years to come, there may be more bodies regulating the practice of accountancy in Nigeria. Statutory and Regulatory Framework of Financial Accounting in Nigeria Like any other profession, the accounting profession is practiced within a framework of statutory and regulatory pronouncements.
This is necessary to ensure orderliness, consistency and uniformity in the practice of the profession. However, with effect from first January , when Nigeria adopts IFRS in financial reporting, the reverse is the case.
IASC was established to set acceptable and applicable standards for the preparers and users of financial statements around the world. The objectives of IASC, as contain in its constitution were: i to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standard that require high quality, transparent anti comparable information in financial statements and other financial reporting to help participants in the world c capital markets and other users make economic decisions; ii to promote the use and rigorous application of those standards; and iii work actively with national standard setters to bring about convergence of national accounting standards and IFRS to high quality solutions.
During the period from , a restructuring program was implemented which resulted in the cessation of the operations of the old IASC on 31st March and its replacement with IASB with effect from 10th April IASB is based in London, and has 14 full-time members. IFRSs is widely used by listed entities of an upwards of 12, across the globe. The prospect of attaining comparable financial statements is one of the reasons why the European Union has made the IFRS compulsory for the consolidated financial statements of all listed companies as of Up to , there was a board, which was overseeing the operations of the NASB.
Ghana attracted increased foreign investment as a result of adopting IFRS in The following are some of the roles of Accounting: i Supports Management Planning and Decisions: Accounting provides adequate flow of essential financial data within the organization on the one hand, and between the organization and its wider environment i.
Similarly, Accounting also provides information economic or financial which may be put to different uses by various groups of interested persons.
Financial accounting and reporting
This free course, Financial accounting and reporting, discusses how accountants act as processors and purveyors of information for decision making and the needs of those who use accounting information. It also looks at the role performed by accountants and notes the need to be aware of relevant regulatory and conceptual frameworks. You can start this course right now without signing-up. Click on any of the course content sections below to start at any point in this course. If you want to be able to track your progress, earn a free Statement of Participation, and access all course quizzes and activities, sign-up.
Accounting is the language of business. It is the system of recording, summarizing, and analyzing an economic entity's financial transactions. Effectively communicating this information is key to the success of every business. Those who rely on financial information include internal users, such as a company's managers and employees, and external users, such as banks, investors, governmental agencies, financial analysts, and labor unions. These users depend upon data supplied by accountants to answer the following types of questions:. Accountants must present an organization's financial information in clear, concise reports that help make questions like these easy to answer.
Financial Accounting Note pdf download - handwrittenLectureNotes for free
Course Editor: Prof. Head of Department: Dr. Ofe I. Programme Coordinator: Anthony I.
Several examples and numerical figures support the understanding as well as visual displays. At the end a summary about the balance sheet adjustments as well as a kind of FAQ as part of the exam preparation is added. Be aware that the approaches are very similar to the German ones, but not always the same. Harrison Jr.
Financial accounting and reporting notes.pdf
They are the everlasting operating realities. Expect to answer several accounting questions in your interview. Answer Question No. Time allowed: 3 hours 15 minutes.
The process of and economic information to assist users to make. Users of Accounting Information The users are internal and external decision makers. Internal: External: Management Accounting Providing information to management to help them, and. Users are. Financial Accounting Reporting information to users to help them make decisions about the entity s and. Ethics Ethics is a system of Examples of unethical behaviour: - entities polluting the environment because it is too costly to - deceptive - bribery payment for a - fraud dishonest acts with a 4.
chapter mancini accounting conceptual framework of financial reporting four financial statements financial accounting: what is accounting: financial accounting.
Сьюзан прочитала открывшееся сообщение, которое состояло из одной строчки, потом прочитала его еще. ПООБЕДАЕМ У АЛЬФРЕДА. В 8 ВЕЧЕРА. В другом конце комнаты Хейл еле слышно засмеялся.
Как сказать… - Она заколебалась. - Несколько месяцев назад к нам попал перехват КОМИНТ, на расшифровку ушло около часа, но там мы столкнулись с удивительно длинным шифром - что-то около десяти тысяч бит. - Около часа, говоришь? - хмуро спросил. - А что ты скажешь о проверках пределов памяти, которые мы выполняли.
Она понимала, что огненный шар, заточенный в керамическую клетку, скоро вырвется наружу и поглотит. Она почти физически ощущала, как этот шар поднимается вверх все быстрее, пожирая кислород, высвобождаемый горящими чипами. Еще немного - и купол шифровалки превратится в огненный ад. Рассудок говорил ей, что надо бежать, но Дэвид мертвой тяжестью не давал ей сдвинуться с места. Ей казалось, что она слышит его голос, зовущий ее, заставляющий спасаться бегством, но куда ей бежать.
Я вовсе не так богат, я простой преподаватель. Но я скажу тебе, что собираюсь сделать… - Скажу тебе, что ты наглая лгунья, вот что я сделаю. - Пожалуй, я куплю тебе билет.
Вернитесь назад, - приказала Сьюзан. - Документ слишком объемный. Найдите содержание. Соши открутила несколько страниц .
Фонтейн промолчал. И словно по волшебству в этот момент открылась дверь, и в комнату оперативного управления, запыхавшись, вбежала Мидж. Поднявшись на подиум, она крикнула: - Директор.
Они беззвучно молились, перебирая пальцами четки. Когда толпа приблизилась к мощным каменным стенам почти вплотную, Беккер снова попытался вырваться, но течение стало еще более интенсивным. Трепет ожидания, волны, сносившие его то влево, то вправо, закрытые глаза, почти беззвучное движение губ в молитве. Он попытался вернуться назад, но совладать с мощным потоком было невозможно - все равно как плыть против сильного течения могучей реки.
Автобус тронулся, а Беккер бежал за ним в черном облаке окиси углерода. - Espera! - крикнул он ему вдогонку. Его туфли кордовской кожи стучали по асфальту, но его обычная реакция теннисиста ему изменила: он чувствовал, что теряет равновесие.
Как ей удалось стать столь привлекательной. Покраснев, Сьюзан сказала, что созрела довольно поздно. Чуть ли не до двадцати лет она была худой и нескладной и носила скобки на зубах, так что тетя Клара однажды сказала, что Господь Бог наградил ее умом в утешение за невзрачные внешние данные. Господь явно поторопился с утешением, подумал Беккер.
Не стану вас затруднять, - ухмыльнулась она, - благодарю за предложение. Но все же кто. Беккер держался своей легенды: - Я из севильской полиции. Росио угрожающе приблизилась.
Как ты не понимаешь, что я ко всему этому непричастен. Развяжи. Развяжи, пока не явились агенты безопасности. - Они не придут, - сказала она безучастно.
Там он его и оставил. - Думаю, нет нужды спрашивать, куда направился Дэвид, - хмуро сказала .
Изначальный план состоял в том, чтобы сделать это незаметно и позволить Танкадо продать пароль. Сьюзан должна была признать, что прозвучало это довольно убедительно. У Танкадо не было причин подозревать, что код в Интернете не является оригиналом. Никто не имел к нему доступа, кроме него самого и Северной Дакоты.
Обернувшись, они увидели быстро приближавшуюся к ним громадную черную фигуру. Сьюзан никогда не видела этого человека раньше. Подойдя вплотную, незнакомец буквально пронзил ее взглядом.
Понимаю. - Стратмор хмыкнул, раздумывая, как поступить, потом, по-видимому, также решил не раскачивать лодку и произнес: - Мисс Флетчер, можно поговорить с вами минутку. За дверью. - Да, конечно… сэр.