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Summary Chapter 1 ~ Financial and managerial accounting 18th edition $3.88   Add to cart

Summary

Summary Chapter 1 ~ Financial and managerial accounting 18th edition

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Samenvatting is afkomstig van 'Financial and managerial accounting 18th edition'. Geschreven door Jan R. Williams, Susan F. Haka, Mark S. Bettner, Joseph V. Carcello. De samenvatting is geordend per paragraaf met afbeeldingen uit het boek en de uitleg in puntjes beschreven. Formules worden duide...

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  • August 19, 2018
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Financing and Accountng Block 1 Chapter 1 Summery

LO1-1 Discuss accountnn as the lannuane of business and the role of accountnn informaton
in makinn economic decisions
Primary objective of accountnngs
 Provide informaton that is useful with making business decisions
 Result  societal prosperity and welfare is maximized

Accountng is sometmes called the language of business. Because its widely used to describe
all types of business actvity.
Typegs of accountnn informaton
1. Financial accountng (for external stakeholders)
a. Providing informaton about the fnancial resources, obligatons, and actvites
of an entry that is intended for use primarily by external decision makers
investors and creditors
2. Management accountng (for internal stakeholder)
a. Providing informaton that is intended primarily for use by internal
management in decision making required to run the business
3. Tax accountng (for tax authorites)
The accountnn procegsgs
 accountng informaton used by making
economic disisions and specifc actons
 The decisions and actons results in the cycle



Bagsic functongs of an accountnn gsygstem
1. Record business transactons
2. Classify the efects of similar transactons to
compute totals to be used in reports
3. Summarize the informaton and communicaton to decision makers


Accountnn The personnel, produces, technology, and records used by an
gsygstem organizaton to develop accountng informaton and communicate
that informaton to decision makers.


Informaton system:




External ugsergs Individuals and other enterprises that have a current or potental

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