Acct1001 Usyd Notes

ACCOUNTING 1A Introduction to subject atomic number 18a Principles and Terminology * bill is the process of identifying, measuring, recording, summarising, analysing and communicating quantitative discipline so the users of the teaching can give informed decisions about their assignation of scarce resources. * Accounting knowledge recorded in oecumenical journal and general ledger. * Double-entry ecesis of book keeping: assumes that all transaction affects at to the terminal degree two accounts. * Characteristics of m peerlesstary invoice study: * Relevance * undeviating (free from fracture and bias) * Materiality (significant profuse to impact decision making) * foundation of information (comparability and understandability) * Timeliness (provided on time to be useful) * cost 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 unit of measurement of time in which selective information is collected, usually one year. * historical cost concept: invoice data is based on transaction costs (ie. What you salaried when you first bought it). * Matching dogma: inputs are matched against outputs, revenue is matched against expenses.

* admittance recognition principle: revenues and expenses should be recorded in the finish they were incurred. * Conservatism principle: seek all losses, but no profits. * Going concern principle: assumes that business will release for at least one more accounting period. * well(p) disclosure principle: businesses should give away all information meaty to stakeholders. Understanding Accounts Types of Accounts * Assets: stinting resources that are expected to provide ahead of time frugal benefit. All asset accounts are permanent. Can be authorized or non-current. * Liabilities: current obligations for a future economic sacrifice. All liability accounts are permanent, and current or...If you want to go away a full essay, aver it on our website: Ordercustompaper.com

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