It is the process of identifying, measuring, recording and communicating economic information to permit informed judgement and decisions by users of the information. After Marco Polo s expeditions to China, a number of trading expeditions were mounted that were jointly financed by several business people. AC - Pacioli's Treatise, First known published work on Double Entry Accounting. Pacioli did not invent Double Entry accounting, but was the first to document its method.
Management can refer to a range of persons with vastly different responsibilities.
The largest shareholders in Australia are investment banks and superfunds, which are the main source of employment for banking and finance graduates. The Department of Taxation, Industry Commision etc have an interest in the performance of the firm. The methods of calculating profit demonstrated in this course are not the same as those used to calculate taxable income, but have many similarities. In this unit we will be employing a conceptual approach. We will first identify the basic concepts, principles and assumptions that underlie accounting practice.