University Year 1 - Financial Accounting Lecture Notes

This comprehensive resource covers essential financial accounting principles, including the five main accounting areas (assets, equity, liabilities, revenues, and expenses) and the accounting equation (Assets = Liabilities + Owners’ Equity). It explains types of accounting—financial for external reporting and management for internal planning—along with the double-entry bookkeeping system. Detailed lectures cover asset types, transaction classifications, and balancing T accounts. It includes practical examples, financial statements (profit/loss and statement of financial position), and depreciation methods (straight-line and reducing balance). Additionally, it outlines the structure and taxation of private and public limited companies. Perfect for students and professionals seeking a thorough understanding of accounting fundamentals.
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