BUS 1000 Chapter 17: Chapter 17- Understanding Accounting & Financial Information Study Guide

• School: Baruch College
• Department: Business Administration and Policy
• Course: BUS 1000
• Professor: Barry Rosen

Document Summary

Income statements: balance sheet b, statement of cash flows, other reports (annual reports) Accountants: users of accounting information and the type of required reports. People interested in the organization"s income and nancial position (creditors, owners, nancial analysis"s, suppliers) Financial statements found in annual reports (income statements, balance sheet, statement of cash ows) Financial statements and various internally distributed nancial reports: financial accounting, financial accounting: accounting information and analyses prepared for. Private accountants within an organization often perform internal audits to guarantee that it is carrying out proper accounting procedures and financial reporting: they also conduct independent audits of accounting information and related records. Include productive, tangible items such as equipment, buildings, land, furniture, and motor vehicles that help generate income: as well as intangible items with value like patents, trademarks, copyrights, and goodwill a. Income statement: the financial statements that shows a firm"s profit after costs, expenses, and taxes i.