AFA 100 Chapter 1-12: Accounting Notes

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1 Nov 2016
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Accounting - the information system that identifies, records, and communicates the economic events of an organization to a wide variety of interested users. The world"s economic systems depend on highly transparent and relevant financial reporting that provides a true representation of the economic events. An example is lehman brothers, (one of u. s banks that lead to great depression) Internal users - this type of users plan, organize, and run companies. Examples: finance directors, marketing managers, human resources personnel, production supervisors, and company officers. Investors, who are owners or potential owners of the business, use accounting information to make decision to buy, hold, or hold their ownership interest. Creditors - persons or other businesses that are owed money by the business, mainly bankers or suppliers. Creditors use accounting information to evaluate the risks of granting credit or lending money. Others involve investors, creditors, labour unions, and customers. Proprietorship - a business owned by one person.

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