BSB110 Lecture Notes - Lecture 1: Management Accounting, Financial Accounting, Stakeholder Management

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21 May 2018
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Week 1 Accounting Lecture Notes
Topic 1: Introduction
What is Accounting?
Accounting involves the information system that
o Measures business activity
o Processes the data into reports
o Communicates the results to decision makers
It is divided into two main types:
o Financial accounting
o Managerial accounting
What is financial accounting?
Financial accounting provides information for external decision makers such as
investors and lenders
What decisions could be needed?
o Which business should we invest in?
o Should we loan this business money?
What is managerial accounting?
Managerial accounting provides information for internal decision makers such as
managers to operate the business
How is accounting relevant in business?
All these decisions involve economic information and accounting can help with these
decisions
Accounting in context- Corporate Social Responsibility
Accounting is one part of the overall management of a business
o The way a business operates can impact on
Environment
Society
o Corporate Social Responsibility
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