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What is income?

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Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.

none

What are gains?

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Gains are other items that meet the definition of income. May or may not arise in the course of the ordinary activities of an entity, such as sale or disposal of non-current assets, gain on revaluation of assets. These may be realised or unrealised.

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List some external users of financial information:

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Suppliers, customers, employees, competitors

Creditors

Labour unions and other groups

Owners and shareholders

Government agencies (regulators and ATO)

Financial analysts and the media

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What are losses?

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Losses are other items that meet the definition of expenses. May or may not arise in the course of ordinary activities, such as loss on sale or disposal of non-current assets, or loss due to changes in foreign exchange rates.

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What is equity? Definition, examples

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Yes

none

What is a liability? (i) (ii) (iii) Recognition Criteria (1) (2)

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Yes

none

What are the two types of adjusting entries and what do they represent?

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Accruals (unrecorded transactions) to recognise revenue or expense before cash inflow or outflow

Deferrals (prepayments) to recognise revenue or expense after cash inflow or outflow

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What is an asset? (i) (ii) (iii) Recognition Criteria (1) (2)

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Yes

none

When is income recognised?

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When the increase can be measured reliably

Income is recognised when an increase in future economic benefit has arisen

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When are expenses recognised?

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Expenses are recognised when a decrease in future economic benefit has arisen

And when the decrease can be measured reliably

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How do we monitor management performance? (4)

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Rules & regulations

Board of directors

External audit

Financial reports

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What is the accounting cycle?

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8. Financial statements

5. Adjusting journal entries

6. Closing journal entries

2. Journals

3. Ledgers

4. Trial balance

1. Source documents - transaction analysis

7. Post-closing trial balance

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What is revenue?

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Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.

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What are expenses?

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Decrease in equity

Consumption of economic benefits

Not distribution to owners

Decrease in assets or increase in liabilities

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The purpose of general purpose financial reports is (2)

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To provide information about financial position (BS), financial performance (P&L) and cash flows (CFS) of an entity that is useful to a wide range of users in making economic decisions

Also to show the results of stewardship of management (accountability)