Textbook Notes (368,035)
Canada (161,583)
Management (848)
MGT220H5 (21)
Kathy Falk (16)
Chapter 1

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Department
Management
Course
MGT220H5
Professor
Kathy Falk
Semester
Fall

Description
Financial accounting results in preparation of financial reportsused by both internal and external usersexternal users include such decision makers as investors creditors unions and government agenciesManagerial accounting used by management internal users onlyMajor financial statements includeBalance SheetIncome StatementStatement of Cash FlowsStatement of Shareholders Owners EquityNote DisclosuresOther forms of financial reporting includeNews releasesManagement forecasts etcFinancial accounting and managerial accounting have which of the same characteristicsaBoth culminate in the preparation of financial statementsbBoth focus on preparation of information for use by internal and external stakeholderscBoth are concerned with communication of financial information dBoth require financial information prepared in accordance with GAAPRole of AccountingMeasure performance and prepare financial statement accountantValidate auditorAnalyze analysts both credit and equityStakeholdersparties who have something at risk stake in the financial reporting environmentBroadly defined anyone who prepares relies on reviews audits or monitors financial i
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