BUSS1030 Lecture 1: Lecture 1Chapter 1 - Introduction

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1030
• Professor: Olga Gouveros

Document Summary

See page 60 in revel textbook for summary notes. List the main groups that use accounting reports of a business entity. Outline an overview of the main financial reports prepared by a business. Identify ways in which business and accounting has been changing. Explain why accounting information is generally considered useful. Ide(cid:374)tif(cid:455) the lea(cid:396)(cid:374)i(cid:374)g out(cid:272)o(cid:373)es asso(cid:272)iated with the aust(cid:396)alia(cid:374) lea(cid:396)(cid:374)i(cid:374)g a(cid:374)d tea(cid:272)hi(cid:374)g cou(cid:374)(cid:272)il"s a(cid:272)ade(cid:373)i(cid:272) Standards statement for accounting: namely judgement; knowledge; application skills; communication and teamwork; and self-management; and examine how these compare with characteristics of successful business people. Buy something and has a benefit = asset. Buy something which had no benefit = expenses. Creates difficulty for international business activities due to different accounting standards. Have to hire someone who specialises in the different accounting standards. Corporations act (enforced by asic (australia security investment commission)) Accounting principles, standards, ethics and disciplinary procedures of accounting professional bodies.