AC100 Elements of Accounting and Finance Notes

Lecture 1 Questions

1. What is accounting?

2. What is the accounting communication process?

3. Who are the users of accounting information?

4. What is the role of financial accounting?

5. What different entities require accounting information? And distinguish between the level of accounting information to be produced?

Accounting is a universal language used to present financial information so that its users are able to make better economic decisions. 

It is about identifying, collecting, analysing, interpreting and communicating financial information. So that users/ entities are able to make informed decisions…