Introduction

This course, Financial accounting, and reporting serve as an introduction to financial accounting, introducing the basic terminology, purpose and different types of accounting. You will learn about what accounting is, the purposes for which accounting information is used, how to distinguish between management and financial accounting, the components of accounting information, and the main financial reports in which this information is presented to its users. You will also have a clear understanding of how accountants act as processors and purveyors of information for decision making, of the needs of those who use accounting information, and of the role performed by accountants. Accounting does not exist for its own sake or in a vacuum: there must be a reason why accounting is being done. This course is also meant to enable you to understand the relevance of the course to your own career. For example, if you are thinking about becoming a professionally qualified accountant or studying business or management, or using knowledge of accounting in your own work situation or your own business. It also looks at the role performed by accountants and notes the need to be aware of relevant regulatory and conceptual frameworks.