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Accounting information is generally considered to be useful & why you need to know basics accounting

1. Explain why accounting information is generally considered to be useful, and why you need to know the basics of accounting.

2. Sonumatics in New South Wales, Australia, is a computer firm run by Max Brenner and his family. Max intends to sell the shares of this firm to investors on the Australian Securities Exchange (ASX). This would mean that the firm would ‘go public’ which will result in investors having a say in the management of the firm. Max is worried about losing control of the business, which his family has owned for generations. He did not have to provide a lot of accounting information to outsiders and doesn’t like the prospect of interference with a business that he believes he knows better than anyone else. a) As a close friend of Max, you have been asked to advise him on the implications of being listed on the ASX for the management of his firm. Refer to the ASX’s principles of good corporate governance on their website at http://www.axs,cin,ay/regulation/corporate-governance-council.htm> in providing your answer to Max’s question. How do you think these principles might help firms to be run ethically?

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