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ACCT1501 Semsester Notes

User Description:
These are notes compiled for Acct1501 using the required textbook in 2016 semester 1. This textbook is still the required textbook. ,Written in dot point hence it is easy to take in the content, contains diagrams and examples to make understanding easier, and has page references to the textbook.

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Document Information:
78 Pages Complete Study Notes 1-2 Years old
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5 Ex Credits


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Topics this document covers:
Business economics Accounting Economy Financial statements Financial accounting Balance sheet Generally Accepted Accounting Principles Cash flow statement Asset Equity Provision Liability
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 Financial statements Financial accounting Balance sheet Generally Accepted Accounting Principles Cash flow statement Asset Equity Provision Liability
Sample Text:
g. in financial or managerial decisions. 1.2 Financial Accounting Accounting is the process of identifying, measuring, recording and communicating economic information to assist users to make decisions Two systems: Financial Accounting → External decision makers e.g. investors, creditors Management Accounting → Internal decision makers e.g. managers Financial Accounting Measures an enterprise’s performance over time and it position (status) at a point in time in the currency relevant to the enterprise. Financial performance: Generation of new resource from day to day operations over a period of time (whole financial year). Financial position: Enterprise’s set of financial resources and obligations at a point in time (end of financial...
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