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Acct 1501 Full Summary Notes

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Includes all topics from lecture 1 to lecture 12. Also includes multiple examples from lectures, as well as some homework question

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33 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Business economics Accounting Economy Accounting systems Financial statements Costs Financial accounting Cash flow statement Balance sheet Adjusting entries Debits and credits Chart of accounts
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Business economics Accounting Economy Accounting systems Financial statements Costs Financial accounting Cash flow statement Balance sheet Adjusting entries Debits and credits Chart of accounts
Sample Text:
• Accounting is the process of identifying, measuring and communicating economic information to assist in making decisions • 2 types of accounting systems: o Financial → Financial statements → External decision makers (Investors/customers etc) o Managerial → Performance reports → Internal decision makers (Managers) • Accounting is used by: o Management o Shareholders o Board of directors in take over battles o Bankers and creditors o Management and unions in wage negotiations o ASIC o Suppliers o ATO o Trade Unions • Examples of economic consequence: o Accounting scandals → Enron o Misleading reporting o Mismanagement → ABC learning o Collapse of company • 3 key financial statements: o Balance sheet → financial position and a point in time ▪ Used to assess financial structure and ability to pay debt ▪ Consists of assets, liabilities, owners equity...
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