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Lecture

Financial Accounting BUSI-2150U Lecture 1

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School
Department
Business
Course
BUSI 2150U
Professor
Michael Konopaski
Semester
Winter

Description
Financial Accounting Lecture 1What is accounting y A system that produces information about an entity and communicating that information to othersTwo fields of accounting y Financial accounting and managerial accountingFinancial accounting y Aimed at external users y Used for investment decisions y Follows conventional practices y Offers some consistency to usersManagerial accounting y Aimed at internal users y Internal decision making y Rules are set by a companyTypes of entities y Corporations y Proprietorships y Partnerships y Not for profit organizations
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