Lies

In: Business and Management

Submitted By henna1993
Words 979
Pages 4
INTRODUCTION TO FINANCIAL O UC O O C INFORMATION
LECTURE 1

LEARNING OBJECTIVES
Understand the key differences between economics, accounting and finance Understand why financial information is important List the main users of accounting information and understand their information needs Distinguish between management accounting and financial accounting List the main types of business ownership and outline their characteristics Summarize the advantages and disadvantages of each type of business ownership p
2 Panagiotis Dontis Charitos WBS, 2013-14

IN TODAY’S LECTURE...
Topics
Differences between economics, accounting and finance Importance of financial information Users of accounting information and their information needs Differences between management accounting and financial accounting i Main types of business ownership
Characteristics Advantages vs. disadvantages

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Panagiotis Dontis Charitos

WBS, 2013-14

ECONOMICS - FINANCE – ACCOUNTING
Economics is a social science
Study the production, consumption and distribution of services or goods Explain how economies work and how do different economies interact

Finance is a subset/tool of economics that studies the financial markets
Personal finance, corporate finance, state finance

Accounting is an essential part of finance and economics
Precise recording, reporting and assessment of financial deals and transactions of a business Preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business
4 Panagiotis Dontis Charitos WBS, 2013-14

ECONOMICS - FINANCE – ACCOUNTING

Accounting

Finance

Economics

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Panagiotis Dontis Charitos

WBS, 2013-14

WHY IS FINANCIAL INFORMATION ESSENTIAL AND TO WHOM?
Informed decision making
Investing Managing Regulating

Range of users called ‘user groups’
Owners Managers Regulators…...

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