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financial accounting provides information for decision makers outside the organization this information must be relevant for the needs of decision makersmanagement accounting generates inside information for the managers of the organization internal information must be accurate and relevant for the decision needs of managersassets are the economic resources of a business that are expected to produce a benefit in the futureowners equity represents the insider claims of a business equity means ownership so shareholders equity is the owners interest in the assets of a corporationlong term debt is a liability that falls due beyond one year from the date of the financial statementsshareholders equity is divided into two main subparts contributed capital retained earningscontributed capital is the amount the shareholders have invested in the corporationretained earnings are the amount earned by incomeproducing activities and kept for use in the businessincome statement revenuesexpensesnet incomeretained earnings beginning retained earningsnet incomedividends Statement of Retained Earningsretained earnings represent the portion of net income the company has retainednet income from the income statement also appears on the statement of retained earningsnet income increases retained earnings and dividends decrease retained earningsThe Balance Sheet measures Financial Positionowners equityretained earnings links the statement of retained earnings to the balance sheetaccumulated other comprehensive income is the accumulated change in shareholders equity from all sources other than from the owners of the businessThe Statement of Cash Flows measures Cash Receipts and Paymentsthe statement of cash flows reports cash flows under operating activities investing
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