ACCTING 1002 Lecture Notes - Financial Statement Analysis, Cash Flow Statement, Current Liability

• School: University of Adelaide
• Department: ACCTING - Accounting
• Course: ACCTING 1002
• Professor: Nurmalisa Chi Alie

Document Summary

Accounting is the process of identifying, measuring and communicating economic information to permit informed judgements and decisions. Retained earnings and how it"s updated by profit. Cash flow from operating, investing and financing activities. For example, they have to provide financial reports. Why? (hint: there are external users need information to make economic decision?) You should be able to apply this equation in figuring out a missing number. A + expenses + paid dividends = l + e + revenues. Make sure you understand the definition of assets, liabilities, equity, revenue, expenses and dividend (paid). Current assets, non-current assets, current liabilities, non-current liabilities and equity. How to link four statement? (check your group assignment annual report) Double entry system is to ensure the accounting equal is balanced at any point of time. Given a transaction, you should be able to journalize it and post it to a general ledger account. Should be able to prepare a trial balance.