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Accounting Notes for Chapter 1 (Trotman)

ACCT1501 - Accounting and Financial Management 1A

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Accounting-Accounting Notes for Chapter 1 (Trotman)

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2 Financial accounting Measures an enterprise's performance over time and its position/status at a point in time Financial statements summarise the measurements of financial performance and position Statements report on the economic and financial matters; largely for the use of people outside the enterprise Financial performance generating new resources from day-to-day operations over a period of time Financial position enterprise's set of financial resources and obligations at a point in time Financial statements reports describing financial performance and position Notes part of the statements, adding explanations to the numbers 1.3 The social setting of financial accounting Financial accounting: Helps stock market investors decide whether to buy, sell or hold shares of companies Helps banks and oth...
Topics this document covers:
Accountancy Accounting systems Accrual Business Comparison of Cash Method and Accrual Method of accounting Expense Finance Financial accountancy Financial statements Generally Accepted Accounting Principles International Financial Reporting Standards Labor Law Management accounting

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