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This subject is designed to provide an introduction to accounting for first-year students from a wide range of disciplines. While a general overview of accounting principles relating to the preparation of financial and managerial reports will be presented, the primary focus is to show how accounting information is used by a variety of stakeholders in planning, controlling and investing decisions.
The interrelation of management accounting to other functional areas, including suppliers, customers and other sources of external information relevant to planning and control are examined.
a) Identify the terminology and concepts that underlie the preparation of general-purpose financial reports
b) Summarise financial statements to support business decision making
c) Explain the information needs of management
d) Compare the various components of budgets