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FAQ: what is organisation?

An organisation is a group of people who work together to develop, produce, and/ or distribute goods or services.

FAQ: What is accounting?

Accounting is an information system for the measurement and reporting of transformation of resources into good and services and the sale or transfer of these goods and services to customers.

Financial Accounting

Financial accounting involves the preparation of reports for use by external decision makers as a primary source of information.
The accounting information reported to investors by major companies must be audited. The purpose of the audit is to ensure that the financial reports comply with accounting standards.

Managerial accounting

Managerial accounting is used by managers to make planing and control decisions.

Assets
Assets are resources purchase by an organisation or otherwise under its legal control and available for use in the future.

Liabilities
Liabilities are obligations owed by an organisation to its creditors and represent negative future cash flows for the future enterprise.

Owners’ Equity

Owners’ equity is the amount of investment made by owner in a business.

The accounting equation
Assets = Liabilities + Owners’ Equity

The above tips are provide by CAS-tax Accounting Sydney, Sydney accounting firm

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