MAA103 Study Guide - Final Guide: Target Costing, European Cooperation In Science And Technology, Net Profit

• School: Deakin University
• Department: Business and Law
• Course: MAA103
• Professor: Peter Vuong

Document Summary

Concept 1: accounting and its role in society. Accounting is an information system that identifies, records and communicates the economic events of an organisation to interested users in order to make economic and financial decisions". Accounting involves the entire process of identifying, recording and communication economic events + it involves the use of considerable judgement. Bookkeeping usually involves on the recording of economic events (transactions) Communication - prepare reports and communicate findings to interested users. Accounting standards: generally accepted accounting principles e. g. monetary unit assumption. International accounting standards board: australian accounting standards board. Corporate regulation: corporations act 2001, australian securities and investments commission, australian securities exchange. The conceptual framework sets out the concepts that underlie the preparation and presentation of financial statements for external users: the framework assists the aasb in the development of future australian accounting. Standards: assist the aasb in promoting harmonisation of regulations, accounting standards and procedures.