FINANCIAL ACCOUNTING

Course Code ACCT114
Credits 3.0
Hours / Week 3



This course covers the conceptual knowledge and theoretical framework of accounting through accounting principles, terminologies and concepts of the accounting process. One of the objectives of this course is to deliver knowledge on the environment of accounting, the accounting elements, transaction recognition and recording, as well as to develop an appreciation on the nature and features of the major financial statements.

 

The accounting process will cover categories of revenue, expenses, assets, liabilities and equity, as well as PPE, inventories, cost of goods sold, CAPEX and OPEX. Financial reports on Income Statement, Balance Sheet, Statement of Retained Earnings and the Statement of Changes in Equity will be discussed. This course embraced another objective to equip students with a complete knowledge in the development, measurement, validation and communication of accounting information to both internal and external parties and prepare them for the more advanced course in Management Accounting. Financial and Management Accounting courses have been designed to equip students with adequate knowledge to handle monetary related considerations / issues of the industry sector, and appreciate the usage of the accounting information for management plans and decisions.

 

The Macau Accounting Standards (MAS) implemented on 1 January 2007, together with the International Financial Reporting Standards (IFRS) will be applied and used as basis for all logics and calculations. The concepts from the Official Plan for Accounting (OPA), which has been applied from 1983 – 2006 in Macau are no longer applicable.

This course covers to the conceptual knowledge and theoretical framework of accounting through accounting principles, terminologies and concepts of the accounting process. One of the objectives of this course is to deliver knowledge on the environment of accounting, the accounting elements, transaction recognition and recording, as well as to develop an appreciation on the nature and features of the major financial statements.

The accounting process will cover categories of revenue, expenses, assets, liabilities and owner’s equity, as well as PPE, inventories, cost of goods sold, CAPEX and OPEX. Financial reports on Income Statement, Balance Sheet, Statement of Cash Flow and the Statement of Changes in Equity will be discussed. This course embraced another objective to equip students with a complete knowledge in the development, measurement, validation and communication of accounting information to both internal and external parties as well as the application of such information for business and management decisions.




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