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Lecture 1 notes - ACF

by: Zann Seah Wen Fang

Lecture 1 notes - ACF International Business

Zann Seah Wen Fang
GPA 3.9167
Principles of Accounting 1
Ms Lee Geok Lian

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These are my notes for ACF Lecture 1. Hope it helps!
Principles of Accounting 1
Ms Lee Geok Lian
Study Guide
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This 3 page Study Guide was uploaded by Zann Seah Wen Fang on Sunday November 15, 2015. The Study Guide belongs to International Business at Ngee Ann Polytechnic taught by Ms Lee Geok Lian in Fall 2015. Since its upload, it has received 36 views. For similar materials see Principles of Accounting 1 in Accounting at Ngee Ann Polytechnic.

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Date Created: 11/15/15
Accounting amp Finance Lecture 1 U Accounting records classifies reports and interprets financial information about an entity to interested parties to enable them to make appropriate decisions 0 3 basic financial statements Statement Financial Position aka Balance Sheet Shows assets owned by entity and the parties who provided funds to enable those assets to be bought at a specific point in time Statement of Comprehensive Income aka PnL Shows the operating results of an entity for a particular period of time usually a year Statement of Cash Flow Shows various sources of cash inflows and how the cash has been used 0 5 elements of financial statements ALE and RE resources owned or controlled by the business amp have expected future benefits something of value Comes from nonowners and owners Current assets are more liquid than noncurrent assets Examples Prepayments Cash Accounts Receivable Property and Equipment amounts owed by the business to persons outside the business who have supplied goods or services on credit or may have loaned money to the business Financing contributed by nonowners Current liabilities are loans that will be returned or paid within the same accounting year while noncurrent liabilities are loans that will not be returned or paid in the same accounting year Examples Accounts payable Salaries payable Dividends payable represents financing contributed by the owners through capital and retained profits owner s claim on a firm s assets Represents what the business owes to the owner Can be reduced by drawings or dividend payments distribution of profits Examples Common shares Preferred shares Retained earnings Dividends earned when goods or services are sold or provided cost incurred to generate revenue 0 6 Accounting assumptions amp principles Generally accepted and used as a general guide to prepare financial statements as objectively as possible Transactions affecting the business are all expressed in monetary terms in the books of business Business enterprise is considered a completely separate entity from the owner Business economic life is divided into artificial time periods to make it possible for preparation of periodic financial reports This allows business to compare performance between periods 6 Expenses for one accounting period is matched with the revenue generated and recognised for that same period in order to arrive at a true and fair profit figure 5 Revenue is recognised and recorded when earned regardless whether cash has been received or not 5 Cost is recorded in the original cost with no adjustment in value inflation making it objective and verifiable U Users of financial statements Internal stakeholders owners management staff External stakeholders competitors government customers suppliers amp creditors


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