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BUS5AFS

ACCOUNTING AND FINANCE
FOR SUSTAINABLE VALUE CREATION

Topic 2: Principles of Accounting
Semester 1, 2014

ACCOUNTING AND FINANCE
FOR SUSTAINABLE VALUE CREATION TOPIC 2: PRINCIPLES OF ACCOUNTING

La Trobe Business School

BUS5AFS: Topic 2 – Principles of Accounting

1

Topic Learning Outcomes
2.1 2.2 2.3 2.4 2.5 Discuss the nature and purpose of accounting. Explain the five basic financial elements of a business. Explain the underlying concepts of recognising and measuring the financial elements. List the four basic financial statements used in business decision making. List the basic tools for analysing financial statements.
BUS5AFS: Topic 2 – Principles of Accounting
2

La Trobe Business School

Prescribed reading
Hill, G. and Martin, T. Principles of Accounting and Finance Pearson Australia, 2014 Chapter 2

La Trobe Business School

BUS5AFS: Topic 2 – Principles of Accounting

3

1.1 Discuss the nature and purpose of accounting. PURPOSE OF ACCOUNTING

…….. to provide information to permit informed judgments and decisions regarding the allocation of resources, managing & directing those resources, custodianship (stewardship) & mandatory requirements ……..

La Trobe Business School

BUS5AFS: Topic 2 – Principles of Accounting

4

ACCOUNTING VALUE ADDS

• • • • • •

Improve quality and reduce costs Improve sharing knowledge Improve supply chain Improve efficiency and effectiveness Improve internal control Improve decision making

La Trobe Business School

BUS5AFS: Topic 2 – Principles of Accounting

IMPROVE DECISION MAKING • Identify situations that require action • Reduce uncertainty • Provide alternative choices • Provide feedback on previous decisions • Provide accurate and timely information

La Trobe Business School

BUS5AFS: Topic 2 – Principles of Accounting

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