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FE1016 Financial Accounting 1 Semester A 2012/13. Module Leader Mostafa Hussien Room BS.3.35 Email: m.hussien@uel.ac.uk Module Tutors: M Hussien, A O w usu. www.uel.ac.uk/business. Module Team & Contact Details. Module Leader: Mostafa Hussien My Office room: BS.3.35

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  1. FE1016 Financial Accounting 1 Semester A 2012/13 Module Leader Mostafa Hussien Room BS.3.35 Email: m.hussien@uel.ac.uk Module Tutors: M Hussien, A Owusu www.uel.ac.uk/business

  2. Module Team & Contact Details • Module Leader: Mostafa Hussien • My Office room: BS.3.35 • E-mail: m.hussien@uel.ac.uk • Student Hours: Wed 1-3 pm, Thursday 1-2 pm • Module Team: • Mostafa • Albert

  3. Core Text Book Selected Chapters from Weetman, P. (2011) Financial accounting - an introduction (5th Edition), Harlow: Financial Times Prentice Hall

  4. Formal Assessment • The formal assessment consists of 2 components. These two components are as follows: • First Main Component- Individual Coursework (30%): Each student will be required to write a report concerning Financial Analysis. • Second Main Component- Examination (70%): A two-hour Final Examination which would take place at the endof the programme.

  5. Informal Assessment • This consists of 2 in-course tests taking place during weeks 5 and 10: • 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. • 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

  6. Indicative Content: • Introduction to Accounting • Users and Uses of Accounting Information • Assets, Liabilities and Ownership Interest The Balance Sheet • Principles and Measurement of Financial Performance The 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

  7. FE1016 Lecture 1 Financial Accounting 1 Reading: Weetman, P (2011) Chapter 1

  8. Topic 1 Introduction to Accounting • Reading: • Chapter 1 Weetman P (2011). • 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

  9. 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)

  10. 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

  11. Role of Organisations in Society • To maximise profit • To maximise share price • To provide employment • To avoid environmental damage

  12. What is Accounting • Provide a definition • Look at what accountants do • Differences between financial accounting and management accounting

  13. Introduction to Accounting financial & non-financial • Accounting is concerned with providing both ---------------------- information that will help decision-makers to make good decisions.

  14. Users of Accounting Information • Users of accounting information can be divided in two categories: • ---------- parties within the organisation, mainly ------------ ; and • ---------- parties such as ------------------- , creditors and regulatory agencies, outside the organisation. Internal managers shareholders External

  15. Branches of Accounting • It is possible to distinguish between two branches of accounting, that reflect the internal & external users of accounting information. • ------------- accounting is concerned with the provision of information to people within the organisation to help them make better decisions. • ------------- accounting is concerned with the provision of information to external parties outside the organisation. Management Financial

  16. Financial Accounting • In this module we are concerned with financial accounting • The product of financial accounting is financial statements (to be covered next week)

  17. 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?

  18. Lecture 2: Users and uses of accounting 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

  19. m.hussien@uel.ac.uk BS.3.35 Wednesday 1-3 pm Thursday 1-2 pm

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