ACFI1001 Lecture Notes - Lecture 10: Australian Taxation Office, Max Brenner, Store Brand

• School: University of Newcastle
• Department: Accounting
• Course: ACFI1001
• Professor: Marcus

Document Summary

Week 10- introduction to management accounting (part 1) Accounting information is used by internal managers in their day-to-day decision making and also by external users, such as investors, creditors, donors, and even the australian taxation office. Traditional financial accounting information: assets, liabilities, revenues, gross margin, operating expenses. Non-financial information: customer and employee satisfaction, product and service quality, reputation (qualitive); percentage of defects, number of customer complaints, warranty claims, inventory units, budgeted hours (quantitative) Erp systems have been developed to address the shortcomings of traditional accounting information systems (does not include non-financial information such as number of units on hand or the time it takes a manufacture a product. Erp systems aid in the integration of both quantitative and qualitative data, so that data become useful information, and this information can be transformed into knowledge that allows effective communication throughout an organization. External users (financial accounting): shareholders, potential investors, creditors, gov.