MGMT 1 Lecture Notes - Lecture 15: International Financial Reporting Standards, Trial Balance, Public Company Accounting Oversight Board
Document Summary
Lec 15: understanding accounting and financial information (chapter 17) Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management and other interested parties the financial information they need to make good decisions about its operations. Accounting is often referred to as the language of business. Provides a great basis for career in business. The effects of these journal entries are transferred or posted into ledgers; classifying. Private accountant: works for one particular organization. Public accountant: provides accounting services for other organizations. Certified public accountant (cpa): must meet strict requirements, take exams, and participate in continuing education programs. Financial information often certified by an unbiased auditor"s opinion. Accounting scandals at enron, worldcom and other firms had significant impacts. Dodd-frank wall street reform and consumer protection act (dodd-frank, 2010) passed in response to financial crisis in 2008. Once hailed as poster child of the new economy.
