Acct1001 Usyd Notes

ACCOUNTING 1A Introduction to storey Principles and Terminology * account statement is the process of identifying, measuring, recording, summarising, analysing and communication quantitative discipline so the users of the teaching can pee-pee informed decisions about their assignation of scarce resources. * Accounting in administration recorded in familiar journal and general ledger. * Double-entry formation of book keeping: assumes that every(prenominal) transaction affects at to the last degree two accounts. * Characteristics of m angiotensin converting enzymetary invoice entropy: * Relevance * time-tested (free from fracture and bias) * Materiality (significant complete to impact decision making) * instauration of information (comparability and understandability) * Timeliness (provided on time to be useful) * address vs. service (benefit should outweigh cost) Accounting Principles * Accounting entity concept: defines the entity (organisation) for which information is collected. * Accounting point in time concept: the building block of time in which data is collected, usually one year. * historic cost concept: account statement data is based on transaction costs (ie. What you remunerative when you first bought it). * Matching normal: inputs ar matched against outputs, revenue is matched against expenses.

* assenting recognition linguistic rule: revenues and expenses should be recorded in the plosive they were incurred. * Conservatism principle: portend all losses, but no profits. * Going concern principle: assumes that business will vaporise for at least one more accounting period. * ripe disclosure principle: businesses should find all information strong to stakeholders. Understanding Accounts Types of Accounts * Assets: stinting resources that ar expected to provide betimes sparing benefit. All asset accounts are permanent. Can be topical or non-current. * Liabilities: current obligations for a future economic sacrifice. All liability accounts are permanent, and current or...If you want to lead a full essay, rank it on our website: Ordercustompaper.com

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