RSM100Y1 Chapter Notes - Chapter 15: Tax Preparation In The United States, Net Income, Accounts Receivable
14 Apr 2016
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Users of accounting informationaccounting: the process of measuring, interpreting, and communicating financial information to support internal and external business decision- making. Accountants gather, record, report and interpret financial information in a way that describes the status and operation of an organization and aids in decision-making. Users:-managers (major users) at a business government agency, or not-for-profit organization. Purpose: to plan and control daily and long-range operations-business owners and boards of directors-union officials. Investors open-book management: allow employees to understand how their work affects the company"s bottom line. Companies share sensitive financial information with their employees. The natural progression of a business begins with financing. Public accountants: provides accounting services to individuals or business firms for a fee. 3 basic services1. a)auditing, or examining, financial records1. b)tax preparation, planning, and related services1. c)management consultingo accountants can provide unbiased advices about a firm"s financial condition. They are not a firm"s employeeo four largest public accounting firms:
