ACCT-UB 1 Lecture Notes - Lecture 1: Financial Statement, Financial Accounting, Income Statement

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Managerial accounting involves the preparation of detailed plans, budgets, forecasts, and performance reports for internal decision makers: financial reports are used by both internal and external groups and individuals. The internal groups are comprised of the various managers of the entity. The external groups include the owners, investors, creditors, governmental agencies, other interested parties, and the public at large. Investors purchase all or part of a business and hope to gain by receiving part of what the company earns and/or selling the company in the future at a higher price than they paid. Creditors lend money to a company for a specific length of time and hope to gain by charging interest on the loan. In a society, each organization can be defined as a separate accounting entity. An accounting entity is the organization for which financial data are to be collected.

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