Introduction to Accounting
Academic Coordinator: Professor Kevin McMeeking
For a business to properly function, effective methods of communication among owners, managers and investors are essential. Accounting fills the need for a common language of business, and this module provides an introduction to its basic concepts, methods and practices of financial accounting. Knowledge of the underlying fundamental reporting concepts, in addition to its procedures, is an essential element in the education of future managers and other professionals.
Upon completion of the course, students will be able to better understand:
- The regulation of financial reporting
- The fundamental concepts of accounting, and the various accounting conventions that apply these concepts
- The uses to which accounting information may be put
- Different types of accounting entity
- The generation of the data recorded in accounting systems
- The recording of basic transactions within the accounting system
- The periodic measurement of profit (income) by businesses
- The preparation of annual financial statements (statement of financial position, income statement, statement of cash flows) for simple businesses
- The various elements of financial statements: assets, liabilities and capital
- Measures of profitability and liquidity, including cash flow statements
- Basic issues relating to the accounting statements of groups of companies.
P. Atrill & E. McLaney, Financial Accounting for Decision Makers (7th ed. Pearson 2013)