MAA103 Lecture Notes - Lecture 1: Interest Expense, Financial Statement, Human Resource Management
Document Summary
Accounting involves identifying, measuring, recording, summarizing and communicating economic information about a business for decision making. The accounting system provides information to help with decision making. The business environment is becoming dynamic and is becoming increasingly complex. More information is being generated than ever before, and is being made available to more people. Technology is advancing rapidly, affecting the way products are used, manufactured, and the way business is being conducted. A business person needs to respond to change and see it as an opportunity rather than an obstacle. This involves being prepared for the opportunity (being willing and able to change). Perform services or activities that benefit individuals or business customers. Purchase goods for resale to their customers (wholesalers and retailers) Retailers sell their goods directly to the customer. Make their products and then sell these products to their customers. Busi(cid:374)ess uses o(cid:449)(cid:374)e(cid:396)(cid:859)s fu(cid:374)ds to (cid:272)o(cid:373)(cid:373)e(cid:374)(cid:272)e a(cid:374)d ope(cid:396)ate (cid:271)usi(cid:374)ess. Advantage is that there is no need to pay interest.
