ARBUS101 Chapter Notes - Chapter 16: Cash Flow Statement, Inventory Turnover, Financial Statement
14 Dec 2015
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Document Summary
The role of accounting information handle financial procedures. Small and large business survive or fail according to how well they. Accounting system: the method used to record and summarize. Purpose accounting data into reports: help managers make well-informed decisions, report financial information about the firm to interested. Accounting is divided into several major disciplines stakeholders: inputs accounting documents, processing, outputs financial statements. Reports the financial information about non-profit organization such as. Accounting profession is divided into 5 key areas churches, schools, hospitals, and government agencies: managerial accounting, financial accounting, compliance (auditing, tax accounting, governmental and not-for-profit accounting. Managerial accounting: provides information and analyses to. Concerned with preparing budgets (planning); checking whether or not managers inside the organization to assist them in decision making units are staying within their budgets (controlling); and designing strategies to minimize taxes. Help in evaluating the credit policies of a company. Monitoring profit margins, sales unit, travel expenses, cash flow, inventory turnover.
