The separate entity concept means the business is treated separately from its owners. Using return on assets and return on equity to compare performance across companies thiokol corp. Notes to the annual financial statements for the year ended 31 march 2010 continued ngb annual report. Accounting the accounting programme is written by niall lothian, formerly professor at edinburgh business school, heriotwatt university, and john small, professor emeritus at heriotwatt university. Reporting entity the bureau of reclamation reclamation was created june 17. Financial statement analysis, financial statement analysis. Notes on group financial statements my academic lexis. Financial management also developed as corporate finance, business finance, financial economics, financial mathematics and financial engineering. Our free lectures are a complete course for acca paper fr and cover everything needed to be able to pass the exam well. Lecture 1 lecture notes page 3 of 3 start end of consolidation an entity includes the income and expenses of a subsidiary in the consolidated financial statements from the date it gains control acquisition date until the date when the entity ceases to control disposal date the subsidiary. Mba financial reporting financial reporting course notes. What expenses can you identify in crhs 2010 income statement.
Financial statement analysis is a judgemental process which aims to estimate current and past financial. The comparatives presented are from the consolidated financial statements for the year ended 31 december 2016. Section 3 provides a description of analytical tools and techniques. Apr 27, 2018 hey folks, i have shared the pdf lecture notes for the subject financial accounting. Introduction to financial accounting notes lecture notes, lectures 1 10 part 1, compleet. L4, the accrual accounting process of preparing financial statements pdf. Understanding the basic concept about the financial management. Acc 308 notes to the financial statements megan nolan southern new hampshire. Both have previously occupied chairs in the universitys department of accountancy and finance.
As mentioned earlier the most important financial statements are the income statement and balance sheet. I will also share the lecture notes on this subject. The notes comprise a summary of significant accounting policies and other explanatory information. For convenience and ease of reference, we refer to the financial statement caption income before income taxes and equity income as pretax income throughout the notes to the consolidated financial statements. Acca financial reporting fr free notes, lectures, tests. Overview objective scope components of financial statements. Notes to consolidated financial statements dollars in millions except per share amounts cash and cash equivalents cash and cash equivalents include all highlyliquid investments with original maturities of three months or less. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon. Statement of cash flows lkas 7 notes, comprising a summary of significant accounting policies and other explanatory notes 8.
Accounting concepts and conventions, recording of transactions voucher system, accounting process, journal, ledger posting and trial balance, subsidiary books of accounts, preparation of profit and loss account and balance sheet, rectification of errors, accounting of negotiable instruments. Lecture notes business analysis using financial statements. Advanced financial accountingis written for second and third year financial accounting students on accounting or business studies degrees and is also suitable for mba courses. Lecture notes, lecture 1 financial reporting acct2542. While many of the concepts are similar, analyzing the financial statements of. Financial statements provide the fundamental information that we use to analyze and answer valuation. Provide additional information about an item not on the financial statements. Financial statements are prepared on a going concern basis, unless management intends either to liquidate the entity or to cease trading, or has no realistic alternative but to do so. Financial statements summaries of financial activities are called financial statements which are prepared on a regular basis at the end of an accounting period. Sep 04, 2014 financial statements lecture 10 how to approach a financial statements question duration. These are prepared under the separate entity concept. Dec 31, 2017 the impairment tests performed by management using the method described in note 5. Lecture notes financial accounting sloan school of. Financial statements are produced to give information to the users.
The consolidated financial statements have been prepared in accordance with international financial reporting standards ifrs as. Now a days it has been enlarged with innovative and. Financial statements lecture 7 the statement of financial. Acc 11 introduction to financial accounting lecture notes.
Part of this book offers a fullyfledged introduction to financial. Financial statements provide important information to a variety of. First of all, its the income statement, followed by the statement of shareholders or stockholders equity, then the balance sheet. The accrual accounting process of preparing financial statements. Lecture notes long lived assets are distinguished from current assets by the following. Statement of fiduciary assets and liabilities agency fund. We do not provide a separate opinion on specific items of the consolidated. They may need to report these financial results to its owners. Chapter 3 financial statements, cash flow, and taxes. View notes acc 308 notes to the financial statements final. The primary source is the data provided by the company itself in its annual report and required disclosures. It must give useful information for investors and creditors in making investment, credit and other business decisions pamela, 1999. The ability to analyze financial statements gives shareholders the confidence to. Vertical analysis expresses each item in a financial statement as a percent of a base amount ratio analysis expresses the relationship among selected items of financial statement data.
Financial statements are prepared using the accrual basis of accounting. As mentioned earlier, financial accounting deals with the preparation of financial statements for the basic purpose of providing information to various interested groups like creditors, banks, shareholders, financial institutions, government, consumers, etc. The course is designed to enable students to learn the application of the double entry system of book keeping, as well as the underlying principles, concepts, conventions and classification of accounts as applied in different types of transactions. The analyst draws the financial data needed in financial analysis from many sources. Lecture notes, lecture 4 topic 1 business combinations, topic 2 impairment of assets lecture notes, lecture 2 accounting for company income tax lecture notes, lecture 5 consolidation accounting. The accrual accounting process of preparing financial statements cont. A a conceptual framework for financial reporting b a regulatory framework for financial reporting c financial statements d business combinations. Nowadays, the aforesaid three functions are performed by electronic data processing devices and the accountant has to concentrate mainly. Free acca notes t free acca lectures t free acca tests t free tutor support t studyuddies t acca forums chapter 2 paper f7 the regulatory framework septemberdecember 2016 4 framework contents objectives of financial statements underlying assumptions accruals and going concern qualitative characteristics see next. Harms, cfa, cpaabv executive summary football coaching legend bill parcells famously said, you are what your record says you are. Hi friends, i am sharing high quality pdf lecture notes and important questions on financial accounting as per the b. These notes and ebook on financial accounting have been prepared by experienced commerce faculty and toppers and will provide you with easy to study material. Consolidated statement of notes to the consolidated balance sheet 315 changes in equity 272 additional notes 382 consolidated statement of cash flows 274 confirmations 441 notes to the consolidated financial statements 01 significant accounting policies and critical accounting estimates basis of accounting.
The balance sheet is also known as statement of financial position sofp and can simply be explained as. This method reconciles net income to net cash flow from operating activities. Financial accounting lecture notes, ebook for bcom first year. Financial accounting pdf lecture noteshandouts download for. To fully benefit from our free fr lectures you must also use our free lecture notes while watching the lectures. The accompanying consolidated financial statements are stated in euros, the presentation currency of the group. Chapter 1 an introduction to financial management csun. Businesses must maintain accounts not just by law, but to enable to see their incomeexpenditures in order to assess their businesses financial position. Find materials for this course in the pages linked along the left. With the help of trial balance, we put all the information into financial statements. Introduction to financial accounting notes lecture notes.
In the olden days the subject financial management was a part of accountancy with the traditional approaches. They also disclose information required by ipsas which is not presented on the face of the principal financial statements. Basics of financial statement analysis mercer capital. General he company is incorporated and domiciled in singapore and is listed on the singapore exchange securities trading limited. Introduction to the statement of financial position duration. This is the most commonly used accounting method which reports income when earned and expenses when incurred. Financial statements are the summaries of the operating, financing and investment activities of business. Certain concepts are perceived, assumed and accepted in accounting to provide a unifying structure and internal logic to accounting process. The balance sheet summarizes a companys financial condition as of a particular date. Lecture notes, lecture 4 topic 1 business combinations, topic 2 impairment of assets lecture notes, lecture 1 financial reporting lecture notes, lecture 2 accounting for company income tax lecture notes, lecture 6 consolidation. Present additional detail about an item on the financial statements. Notes to the financial statements for the financial year ended 31 december 2017 these notes form an integral part of and should be read in conjunction with the accompanying financial statements. Department of the interior bureau of reclamation notes to the financial statements for the years ended september 30, 2008, and 2007 note 1. Introduction to financial accounting 2 so what is it.
Fourth is the statement of cash flows, and lastly, the statement of comprehensive income. Lecture notes financial accounting sloan school of management. Notes relating to the subject are included under the affected areas of the financial statements. Financial management has become a vital part of the business concern and they are concentrating more in the field of financial management. Net operating working capital current assets current liabilities notes payable. The objectives of financial accounting financial statements are the primary means of communicating financial information to parties outside the business organization. Introduction to accounting i lecture notes page 1 of 20 introduction to accounting acnt 3 lecture notes general information for completing the class the following is a summary of the twelve chapters that you will be completing this semester. The annual report comprises the income statement, the balance sheet, and the statement of cash flows, as well as footnotes to these statements. All financial information presented in million euros has been rounded to the nearest million. Hi guys, i am sharing with you this excellent ebook on financial management in pdf format.
I hope these lecture notes and handouts on financial accounting will help you prepare for your b. The financial statements, along with financial statement discussion and analysis, are presented in this annual financial report. Free acca notes t free acca lectures t free acca tests t free tutor support t studyuddies t acca forums chapter 2 paper f7 the regulatory framework septemberdecember 2016 4 framework contents objectives of financial statements underlying assumptions accruals and going concern qualitative characteristics see next elements of financial statements. The income statement and principles of accrual accounting. Consolidated financial statements with less than 100% ownership chapter 5 stockholders. Similar to a photograph, the balance sheet does not record any movement, but preserves a record of the companys assets, liabilities, and equity at a particular point in time.
The book provides extensive coverage of the syllabuses for the advanced papers in financial accounting and financial reporting of the acca, cima, icaew, icai and icas. Adapting that thought to the corporate world, one could say, your company is what its financial. Basics of financial statement analysis a guide for private company directors and shareholders by travis w. L3, the income statement and principles of accrual accounting pdf. Notes to the financial statements which assist in understanding the principal financial statements. Lets now discuss the key financial statements which we discussed in the following order of preparation. Consolidation lecture 1 notes introduction to groups group. Introduction to accounting i lecture notes page 1 of 20 introduction to accounting acnt 3 lecture notes. Internal users, such as management, internal auditors, and consultants. Notes notes provide supplemental information about the financial condition of a company. Freely browse and use ocw materials at your own pace. These class handwritten notes covered most of topics of financial statement. Analyzing financial statements basics of analysis purpose of analysis who analyzes financial statements.
Acct 101 statement of cash flows lecture notes chapter 12. Cliffsnotes study guides are written by real teachers and professors, so no matter what youre studying, cliffsnotes can ease your homework headaches and help you score high on exams. Download fee financial statement handwritten class note in pdf format. Notes on group financial statements my academic lexis nexis. Financial management is an essential part of the economic and non economic activities which leads to decide the efficient procurement and utilization of finance with profitable manner. Basics of financial management offers a complete introduction to the subject.
For companies with financial leverage, the notes to the financial statements will. Chapter 1 an overview of financial management what is finance. A picture from our video lesson, titled introduction to financial statements, which shows the names of the commonlyused financial statements in accounting. Notes to the financial statements for the year ended 31 march 2018 1. Be sure that you are taking the time to read and study each chapter. Financial management ebook,lecture notes,pdf download for.
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