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Lecture 1

MGAB01H3 Lecture Notes - Lecture 1: Share Capital, Retained Earnings, Balance Sheet

Financial Accounting
Course Code
Liang Chen

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15/12/9 Orange
Introductory Financial Accounting
Who uses the financial information?
Internal users
Managers- financial accounting/ Managerial accounting/ Tax
External users
Investors (shareholders)/ Suppliers/ Creditors/ Customers/ Government/ Competitors
Assets: Economic resources owned by company
*Users need to be reported for cases. Identify who need to know the information.
Types of Accounting in Business Operations?
1. Financial Accounting
Tasks: Users and their needs:
-Prepare/ Analyze F.S External users: make economic
-Audit (checking) decisions (e.g Investing)
-Financial accounting
2. Managerial Accounting
Tasks: Users and their needs:
-Cost accounting Internal users: (e.g planning
-Budget control/ performance evaluation)
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