BUSI 1800 Lecture Notes - Lecture 16: Cash Flow Statement, Accounts Payable, Financial Accounting
29 Jul 2015
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Document Summary
Accounting- the recoding, classifying, summarizing, and interpreting of financial events to provide management and other interested parties the financial information they need to make good decisions. Managerial accounting- accounting used to provide information and analyses to managers inside the organization to assist them in decision making. Financial accounting- accounting information and analyses prepared for people outside the organization. Annual report- a yearly statement of the financial condition, progress, and expectations of an organization. Compliance- the job of reviewing and evaluating the records used to prepare a company"s financial statements. Independent audit- an evaluation and unbiased opinion about the accuracy of a company"s financial statements. Forensic accounting- a relatively new area of accounting that focusses its attention on fraudulent activity. Tax accountant- an accountant trained in tax law and responsible for preparing tax returns or developing tax strategies. Private accountant-an accountant who works for a single firm government agency, or non-profit organization.
