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. The Conceptual Framework is a set of interrelated concepts which define the nature, subject, purpose and broad content of general-purpose financial reporting. General-Purpose Financial Reports Financial Reports intended to meet the information needs common to users unable to command the preparation of reports.