ACC10007 Lecture Notes - Lecture 1: Financial Accounting, Management Accounting, Event Management
Document Summary
Accounting: can be defined as the process of identifying, measuring and communicating economic information about an entity to a variety of users for decision-making purposes. Individuals and entities need accounting information to assist in making decisions, such as planning: a business, and subsequently capital investment decisions, make decisions concerning the operations of the business entity. Internal users: are the owner(s) or management of the entity who use the information to assist with various decision-making activities. External users: (also known as stakeholders) are groups outside the entity, who use accounting information to make decisions about the entity. Management accounting: concerned with providing managers with information required for day-to- day running of the business. Management accounting is a field of accounting that provides economic information for internal users, i. e. owner(s) and management. The core activities of management accounting include formulating plans and budgets and providing information to be used in the monitoring and control of different parts of the entity.
