ACCT 101 Lecture Notes - Lecture 1: Accounts Receivable, Accounts Payable, Historical Cost
23 Aug 2016
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An information system in which you analyze and record information given to users so they can make decisions. 2 types of users internal users: management of a company. *focus on this one* external users: the public aka potential investors. If you are looking to buy a life time warrantee you need to see if the company is going to be around for a life time. Provides financial information about a company"s past performance. Standards for preparation of financial statements for external users(public) Main goal of accounting information is to provide useful information. Ifrs international financial reporting standards international gaap . Its purpose is to provide uniformity of financial statements throughout the world so each country follows the same rules. Sec enforces the rules (it"s a us gov. agency that regulates publicly traded companies and has final authority over the accounting rules and content/format of the financial reports) Sarbanes oxley act of 2002 (sox) accountants employment act.
