RSM100Y1 Chapter Notes - Chapter 15: Tax Preparation In The United States, Accountant, Accounts Receivable
Document Summary
Chapter 15 understanding accounting and financial statements. Accounting: process of measuring, interpreting, and communicating financial information to support internal and external business decision-making. Approve new issues of stocks and bonds. > financing activities provide necessary funds to start a business and expand it after it begins operating. > investing activities provide valuable assets that are needed to run a business. > operating activities focus on selling goods and services, but they also view expenses as important elements of sound financial management. > forensic accountants: accountants that focus on uncovering potential fraud. > accountants that are employed by a business other than a public accounting firm. > collects and records financial transactions and prepares financial statements used by the firm"s managers in decision-making. > are concerned primarily with how efficiently the organizations work to meet their objectives. > not-for-profit sector is one of the fastest growing segments of accounting practice.