This week’s topics
Why businesses keep financial records
- Tax and the law
- Planning and borrowing
- Knowing how the business is doing
What you will be able to do
- 1.1 Explain why businesses keep financial records.
Activity
List the records a small café should keep, and why.
Study materials
Further resources
- Principles of Accounting Vol. 1, ch. 1.1: The importance of accounting · PDF · OpenStax (2019); pp. 12–13 · for registered students
- Principles of Accounting Vol. 1, ch. 1.4: Why accounting matters to stakeholders · PDF · OpenStax (2019), planning, borrowing and performance; pp. 22–29 · for registered students
- Financial Management Skills in Small Tourism Businesses: An Exploratory Study · Open-access article · Mattimoe (2013), Irish Accounting Review. Shows why small firms need records, budgets and financial information to plan and monitor performance. · for registered students
- Tax Evasion and Inequality · Open-access article · Alstadsæter et al. (2019), American Economic Review. Uses leaked records to show how much tax is evaded and why accurate records and reporting matter. · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
