ACCT1501 Study Guide - Final Guide: Financial Statement, Accrual, Income Statement

• School: UNSW, UNSW Sydney
• Department: Accounting
• Course: ACCT1501
• Professor: Yongdoek

Document Summary

Accounting is the process of identifying, measuring, recording and communicating economic information to assist decision making. Financial accounting: focuses on the provision of information to users external to the enterprise (financial position/performance). Management accounting: focuses on the provision of information to users internal to the enterprise. (aid in operational planning, control decisions). Annual report: contains descriptive information about the company and the general purpose financial statements. Balance sheet: financial position of an enterprise at a particular point in time: assets: resources/future economic benefits that are controlled by an organization as a result of past transactions or other past events. Income statement: financial performance of an enterprise over a period of time: revenues: i(cid:374)flo(cid:449)s of e(cid:272)o(cid:374)o(cid:373)i(cid:272) (cid:271)e(cid:374)efits that i(cid:374)(cid:272)(cid:396)ease o(cid:449)(cid:374)e(cid:396)"s e(cid:395)uity, expenses: use o(cid:396) loss of e(cid:272)o(cid:374)o(cid:373)i(cid:272) (cid:271)e(cid:374)efits that de(cid:272)(cid:396)ease o(cid:449)(cid:374)e(cid:396)"s e(cid:395)uity. Statement of cash flows: p(cid:396)o(cid:448)ide details of (cid:373)o(cid:448)e(cid:373)e(cid:374)t i(cid:374) a(cid:374) e(cid:374)tity"s (cid:272)ash (cid:271)ala(cid:374)(cid:272)e o(cid:448)e(cid:396) a specific time period. (operating, investing, financing activities)