ACCT10001 Accounting Reports and Analysis Lecture 1: Welcome and Business Models

This set of flashcards covers key vocabulary related to accounting business models as outlined in the lecture notes.

Business Model

A framework for how a company creates, delivers, and captures value, often defining its structure, strategy and revenue generation.

Financial Accounting

The area of accounting that focuses on the structure and contents of financial statements for informing decisions of external stakeholders.

Management Accounting

A type of accounting that provides internal decision-making information and focuses on planning, control, and strategy implementation.

General Purpose Financial Statements

Financial statements designed to meet the needs of a wide range of users, providing an overview of the financial performance and position of an entity.

Retail Business

A type of business that sells goods or services directly to consumers, focusing on customer experience, location, and inventory turnover.

Manufacturing Business

A business that transforms raw materials into finished goods through various production processes.

Wholesale Business

A business that purchases goods in bulk from manufacturers and sells them to retailers or other businesses at a profit.

Service Business

A business that sells intangible products such as expertise, labor, or time, rather than physical goods.

Peer-to-Peer (P2P) Business

A marketplace business model where individuals can trade goods or services directly with one another, often facilitated by a digital platform.

Revenue Sources

The various streams through which a business generates income, which can vary significantly across different business models.

Cost Types

The various classifications of costs incurred by businesses, such as fixed, variable, and semi-variable costs, important for understanding profitability.