ACCT1101 Lecture Notes - Lecture 1: Jb Hi-Fi, Sole Proprietorship, Kpmg
Document Summary
In terms of a partnership agreement, terms & conditions are set between the partners: taxation, determined from the profit made. In a partnership agreement (in terms of taxation), distribution of net income occurs in accordance to the partnership agreement: legal/regulatory requirements including financial reporting requirements. External users: form and content determined by gaap, gaap: generally accepted accounting principles, currently accepted principles, procedures, practices and standards used in. Australia for external reporting: periodic reporting (annual, interim) Problem solving and decision making: recognise the problem, identify the alternative, evaluate the alternatives, might go to the abs or create a comparison list to evaluate, make a decision, committing to a wrong decision leads to bankruptcy. Making business decisions: planning a new business: planning, process of thinking about and organising the activities required to achieve a desired goal. Includes: description of the business, marketing plan, operating plan, environmental management plan, financial plan, executive summary.
