MGST 217 Chapter Notes - Chapter Chapter 16: Cash Flow Statement, Financial Statement, Trial Balance

• School: University of Calgary
• Department: Management Studies
• Course: MGST 217
• Professor: Sherry L Weaver

Document Summary

Accounting: more than numbers (16-2) analyzing financial activities. Accounting - process of collecting, recording, classifying, summarizing, reporting and. All kinds of businesses use accounting procedures - schools, hospitals, government. Provides a framework for comparing financial positions and performances. Managerial accounting - provides financial information that managers inside the. Who uses financial reports? organization can use to evaluate and make decisions about current and future operations. Sales reports prepared by managerial accountants show how well market strategies are working. these statements are: Financial accounting - focuses on preparing external financial reports that are used by outsiders who have interest in the business, but are not a part of management. The process of generating financial statements, beginning with a business transaction and. Annual report - yearly document that describes a company"s financial status & discuss the company"s activities during the past year and its prospects for the future. The statement of financial position (the balance sheet)