BUSS1030 Lecture Notes - Lecture 1: Income Statement, Listing Rules, Event Management
27 Jul 2018
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Learning outcomes (lo) (also in textbook pg 1-34) Identify ways in which business and accounting has been changing: explain why accounting information is generally considered useful. Increasing demand for information of a non-financial nature by society. Limitation of resources and hence each decisions has consequences for future decision. Accounting is an information system that measures business activities, processes information and communicates financial information. Financial accounting is all about providing information to external users e. g. shareholders because they provide money to the company but not part of day to day processes of the company. Management accounting is all about internal user focus (planning, businesses making their budget, figuring out their costs and pricing: management accounting provides economic information for internal users, management accounting information is produced more frequently than. Financial so managers can check progress, has more detail than financial, has no regulations that need to be abided by, includes both quantitative information as well as non-financial related info.
