AC5511 aims to provide students with the knowledge of financial reporting and management accounting. Students are expected to obtain in-depth understanding of the underlying accounting concepts and standards governing the preparation of financial statements under generally accepted accounting principles (GAAP) in Hong Kong and will be equipped with appropriate skills in preparing and reporting financial accounting information under Hong Kong GAAP. In addition, the course provides a review of the functions and information needs of management in the contemporary business environment and allows students to acquire knowledge of inventory valuation and product costing in a manufacturing company at a level suitable for managers.