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MGM102 Lecture Notes Chapter 8- Accounting.docx

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Dave Swanston

Lecture Notes Chapter 8- Accounting • Importance of Financial Information  Have to know something about accounting if you want to succeed in business  Have to understand the relationship of bookkeeping to accounting and how accounts are kept  It’s almost impossible to run a business without being able to read, understand, and analyze accounting reports and financial statements  Information Asymmetry- Stakeholders rely on accurate information about an organization; making sure all stakeholders have information in order to make decisions and prevent them from being mislead o Employees want to know they will get paid o Investors want to know information on where to invest their money o Governments want information because they want to know how much tax you should be paying and are you following the rules o Suppliers want to know if they’re going to get paid o Customers want to know who to turn to if company goes bankrupt • Accounting information supports decisions • The accounting profession is divided into five key working areas: 1. Managerial accounting 2. Financial accounting 3. Compliance (auditing) 4. Tax accounting 5. Governmental and not-for-profit accounting • Accounting designati
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