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ACCY111 Final Exam Notes

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The notes cover all chapters from the whole semester, and mostly preparation for the final exam

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26 Pages Partial Study Notes < 1 Year old
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Topics this document covers:
Business economics Accounting Economy Accounting systems Financial statements Debits and credits Chart of accounts Double-entry bookkeeping system Financial accounting Account Trial balance General ledger
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Business economics Accounting Economy Accounting systems Financial statements Debits and credits Chart of accounts Double-entry bookkeeping system Financial accounting Account Trial balance General ledger
Sample Text:
Decisions affect the future 3. Good decisions require good processes ● Steps in Decision Making Goals - What are trying to achieve Information - What information do we need Consequences - What are the consequences of different alternatives Choose - Which course of action should we choose ● Economic Decision 1. Many decision involve economic resources. 2. Economic resources have a price as they are scarce. 3. Must also consider: a. Personal taste b. Social factors c. Environmental factors d. Religious and/or moral factors e. Government policy 4. The nature of accounting a. Accounting is a service activity i. Its function is to provide and interpret financial information to aid decision making b. Accounting is used in a range of organisations i. Business ii. Government iii. Ch...
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