Introduction to Accounting

This subject introduces basic concepts in financial and management accounting. It provides an overview to the function of accounting in real world contexts.

On completion of this subject, students are expected to understand the accounting process in a business setting and how managers use accounting as a tool in managing business issues.

The financial accounting section includes basic and generally accepted concepts and principles so that students have a good understanding of internal management accounting and external financial reporting and are able to analyse and interpret financial statements for decision making as well as communicating financial information to internal and external parties.

The management accounting section emphasises cost concepts and cost-volume-profit (CVP) analysis, short and long term decision making, budgetary planning and control techniques, responsibility centre accounting, product costing, internal performance evaluation and strategic management accounting.