ACC 100 Study Guide - Final Guide: Financial Statement

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Document Summary

Businesses are involved in thousands of business aciviies every day. These aciviies, when recorded, result in inancial data. The problem is that inancial data is not inancial informaion. What"s the diference: informaion is the end product of data processing. Once data has been categorized, analyzed, and formated for presentaion purposes it becomes informaion which can be used for decision making. In business the process of changing inancial data into inancial informaion is carried out by the accouning system: an informaion system that collects, groups, and communicates a business"s inancial posiion, including its inancial health and proitability. The end result of a business"s accouning system is inancial informaion in the form of inancial statements: financial statements tell a business"s story, what it does and how well it does it.

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