This website uses cookies to ensure you have the best experience. Learn more

S1 3 Accounting Concepts Essay

5367 words - 22 pages

AC2101 – Accounting Recognition and Measurement

Agenda for Seminar 1
A. Course introduction
1. Contents overview

Seminars 1 to 3 Conceptual Issues Underlying Accounting Recognition and Measurement
presented by

2. Assessment components & expectations 3. Administrative matters

B. Conceptual overview
1. Purpose of accounting & its role in contracting 2. Concepts of recognition, measurement & disclosure in accounting

Low Kin Yew Associate Professor Nanyang Business School
Semester 1 2012-13


Course Contents Overview
Contents 1 Fundamental concepts & issues in accounting Assets: a. Leases b.Investment property c. Financial assets Liabilities: a. Financial liabilities ...view middle of the document...

Clarify all outstanding questions & doubts



Project Presentation: Expectations
A. Pre-seminar
1. Project questions available in seminar outline released 2 weeks beforehand 2. Submit slides in PowerPoint format by stipulated deadline as stated in the COURSE OUTLINE (email instructor); clear labeling of project number, seminar group number and members’ names in the 1st slide 3. Concurrently, submit a PDF copy of the slides to Ms. Cindy Chin ( for plagiarism check with Turnitin

Quiz & Exam: Expectations
A. Term Quiz (20%)
1. Sep 28 (Fri) 4:30 pm LKC LT 2. Open book; usually multiple short Qs; 75 to 90 min 3. Seminars 1 to 12

B. During seminar presentation
1. 2. 3. 4. Submit completed academic integrity forms to instructor at start of seminar Based on submitted slides, no changes except typo errors allowed after submission 20 to 25 min of presentation time, followed by Q&A by fellow students & instructor Presentation skills (individual) and presentation contents (group)

B. Final Exam (50%)
1. Nov 29 (Thu) 1 pm 2. Open book; usually three Qs with multiple parts; 2.5 hrs 3. Seminars 1 to 23 (i.e., everything) Only university approved financial calculators are allowed for quiz & exam.

C. Post-seminar presentation
1. Amend slides based on class discussion 2. Upload revised slides in PDF format to Discussions folder in your respective seminar site within a week from presentation

Table assignment (random basis) = Project Group Assignment Send 1 table representative to pick your Project assignment
7 8

Other Course Matters
A. Course materials 1. Textbook (NEJ) 2. Seminar readings (Course Main Site on Edventure)* 3. Accounting standards (* 4. Seminar outlines (Course Main Site on Edventure) 5. Seminar slides (Seminar Group’s Site on Edventure) * Available from NBS Notes Sales B. Others 1. Use of financial calculator to do present value-related computations 2. Bring Clicker to every class; given the class lowest clicker score if you are present but forgotten to bring clicker

Other Course Matters
C. Index card
1. See the sample format below; leave the back blank 2. Fill in your seminar group # (2 or 8), project group # (1 to 10) and full name first 3. Pass your card to someone in the class who understands you best 4. Get the card back and complete the rest—photo & aspiration
Seminar group # (Project group #) Name in full Cut out photo

Statement of your personal aspiration in life


Course Instructor
Name: Office: Email: Office hrs: Low Kin Yew S3-01B-51 Tue to Thu: 5 pm to 6 pm Fri: 9 am to 11 am Groups: 2 (Mon 8:30 am SR8, Wed 8:30 am SR11) 8 (Mon 10:30 am SR8, Wed 10:30 am SR11) Instructor approval needed to attend other session Tel: 67904903

Seminar 1 Fundamental Concepts
 Objective of accounting (Review of AB1102)  Why do we need accounting? (Review of AB1102)  Characteristics of useful accounting information (Review of...

Other Essays Like S1-3 Accounting Concepts

Accounting Standards Boards Paper

1150 words - 5 pages framework: The FASB’s conceptual framework for financial reporting consists of five Statements of Financial Concepts: | The IASB’s “Framework for the Preparation and Presentation of Financial Statements” consists of six major sections: | 1. SFAC No. 1. “Objectives of Financial Reporting by Business Enterprises” | 1. The objective of financial statements | 2. SFAC No. 2. “Qualitative Characteristics of Accounting Information” | 2

Development of Accounting Practices in Austrailia

1896 words - 8 pages Public Sector Accounting Standards Board (IPSASB) in the development of Conceptual Framework for General Purpose Financial Reporting. AASB also has its conceptual framework that explains the concepts of preparation of financial statements. The purpose of its conceptual framework is to assist the development of future Accounting standards in Australia, promoting to harmonization of accounting standards and also assist the accountants in preparing

Basic Accounting Concepts

702 words - 3 pages Basic Accounting Concepts and Business Structures The major sources of Generally Accepted Accounting Principles (GAAP) are: FASB Standards, Interpretations, and Staff Positions; APB Opinions and AICPA Accounting Research Bulletins. The hierarchy of GAAP provides guidance in preparing financial statements and is divided into four categories. Category A represents the major sources of GAAP, and Category D the least authoritative. Companies

Reporting Practices and Ethics Standards

969 words - 4 pages of expenses over revenue the result is a loss in profits. A statement of fund balances or net worth occurs once the excess of revenue over expenses flows back into equity or balance. (para. 2) This creates the statement of fund balance/net worth. All of these concepts go together when working with a balance sheet. The statement of cash flow works by using accrual basis accounting. In accrual accounting, revenue is recorded when it is

Accounting Theory

1315 words - 6 pages Hill, Milton. Financial Accounting Standards Board and International Accounting Standards Board (2005) Revisiting the Concepts: A New Conceptual Framework Project, Norwalk, USA: FASB. Morton, A., 2009, Contemporary Issues in Accounting: Study Guide, Southern Cross University, Lismore. Solomn, J. 2007, Corporate Governance and Accountability, John Wiley, Chichersten. currentpurchasngpwrccntng.html

Accounting Standard Board Paper

1323 words - 6 pages two more that needed to be established which are the Statements of Financial Accounting Concepts (SFACs) and Technical Bulletins. The FASB has established seven SFACs which are intended to “establish objectives an concepts that the FASB will use to develop standards of financial accounting and reporting” (Schroeder, Clark, & Cathey, 2011, p 11). In 1990, the United States (US) decided to emerge with the international accounting standards

Almarai Information

669 words - 3 pages TOURO COLLEGE COURSE SYLLABUS DEPARTMENT: Business COURSE TITLE: Cost Accounting COURSE NUMBER: EBA 213 PREREQUISITES: EBA 101, EBA 102 CREDIT HOURS: 3 DEVELOPER: Professor Simon Saltz LAST UPDATE: December 1,2003 COURSE DESCRIPTION: Cost accounting focuses on cost determination for manufacturers, products and services. This includes

Case Summaries Accy 401, Emba; Fall 2000

5169 words - 21 pages Accounting Standards Board (FASB) and the SEC, and on accounting concepts such as materiality, matching revenues and expenses, relevance, and consistency. It also considers highly technical details about consolidated financial statements, leases, pensions, income taxes, and inventory valuation methods that are often found on the CPA exam. 2. Financial accounting from a management perspective covers many of the same topics as financial

Management and Cost Accounting Theory

1026 words - 5 pages MANAGEMENT ACCOUNTING What is Accounting? • Need for Accounting – o Increased global trade, o Rise in the complexities of business, o Large scale, due to Industrial Revolution • Father of double entry system of accounting – Luca di Bargo Pacioli (Italy, 1494) • Accounting can be defined as recording, classifying, summarizing, analyzing and interpreting the business transactions. • The

Management Accounting Developments

3336 words - 14 pages theory behind management accounting developments............................. 2 Application to practice- management accounting developments analysis and research of companies financial statements (Japanese point of view)....................................... 3 Conclusions

Bus520 Chapter 15 & 16

1084 words - 5 pages Chapter 15: Understanding Accounting and Financial Statements Introduction The purpose of this chapter is to identify some of the concepts of Understanding Accounting and Financial Statements in the business world. Learning objectives 1. Explain the functions of accounting, and identify the three basic activities involving accounting. 2. Describe he roles played by public, management, government, and not-for-profit accountants. 3

Related Papers

Ob Powerpoint Essay

4120 words - 17 pages due to varying risk. The normal rate of return would be expected to change over time due to (1) underlying changes in the industry and (2) business cycles. 1-3 An increase in the inflation rate would most likely increase the relative importance of the financial manager. Virtually all of the manager’s functions, from obtaining funds for the firm to internal cost accounting, become more demanding in periods of high inflation. Usually

Intermediate Financial Accounting Essay

5060 words - 21 pages 8. Statements of Financial Accounting Concepts Sources/Sponsors a. Auditing Standards Board d. Committee on Accounting Procedure b. Accounting Standards Executive Committee e. Accounting Principles Board c. The AICPA f. Financial Accounting Standards Board Solution 1-87 1. d 4. f 7. f 2. a 5. e 8. f 3. b 6. f Ex. 1-88—FASB. The Financial Accounting Standards Board was established because many groups interested in

Reviewing Accounting Standards

987 words - 4 pages Word Count: 958 The purpose of this guide is to provide guidance to accounting students on the application of accounting standards. In order to do this, a brief outline of the Accounting Standards together with the Framework will be given along with an example to illustrate how to use the Accounting standards and the appropriate accounting treatment. The Accounting Standards provide a specific way in which accounting concepts are to be

Costing Methods Essay

2818 words - 12 pages the scope of cost accounting: 1. Cost book-keeping: It involves maintaining complete record of all costs incurred from their incurrence to their charge to departments, products and services. Such recording is preferably done on the basis of double entry system. 2. Cost system: Systems and procedures are devised for proper accounting for costs. 3. Cost ascertainment: Ascertaining cost of products, processes, jobs, services, etc., is the important