Accounting Notes for Chapter 1 (Trotman)

ACCT1501 - Accounting and Financial Management 1A

Accounting-Accounting Notes for Chapter 1 (Trotman)


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2 Financial accounting Measures an enterprise's performance over time and its position/status at a point in time Financial statements summarise the measurements of financial performance and position Statements report on the economic and financial matters; largely for the use of people outside the enterprise Financial performance generating new resources from day-to-day operations over a period of time Financial position enterprise's set of financial resources and obligations at a point in time Financial statements reports describing financial performance and position Notes part of the statements, adding explanations to the numbers 1.3 The social setting of financial accounting Financial accounting: Helps stock market investors decide whether to buy, sell or hold shares of companies Helps banks and oth...


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