This unit provides a basis for further accounting studies, while meeting the needs of students from other areas of business studies. Students will critically assess the processes involved in planning and decision making within the modern business environment. Students will examine the roles of accounting and management planning for substantiating organisational decision making. To undertake this examination, students will synthesise principals of basic accounting concepts and key professional practices of: cash and accrual accounting; preparation of financial statements; forms of business ownership, and effect on financial statements. Following an introduction to budgeting, students will critically assess: the use of budgets for control and performance reports; analysis and interpretation; evaluation of performance; the operating cycle; and short term decision making and cost behaviour.