Notes from the lectures and the book of the whole semester.
Table of contents:
1. Introduction
2. Management and financial accounting
3. Financial statements (Income statement, balance sheet, cash flow)
4. Costing inventories
5. Trade receivables
6. Limited companies
7. Double entry ...
, Management and financial
accounting
Management accounting → information for managers
not highly regulated because managers have the power to decide when to receive the
report
Financial accounting → information for external stakeholders
MANAGEMENT FINANCIAL
Nature of the
Specific purpose (profit of a specific thing) General purpose
reports
Level of detail Very detailed Broad overview
Regulation Unregulated Subject to accounting regulation
Reporting interval As short as required Annual or biannual
Time horizon Projected future information and also past ones Historical
Focus on financial information
Range and quality Financial and non financial information often
emphasis on objective verifiable
of information these information cannot be verified
evidence
Business proprietorship
Sole proprietorship → 1 person
easy to set up, flexible
BUT unlimited liability
Partnership → ≥ 2 people
easy to set up, spreads burdens
BUT unlimited liability and you have to find partners you get on well
Limited liability company → ∞
limited liability
BUT obligations set up by the company
Management and financial accounting 1
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