BUS_AD 1500 Chapter Notes - Chapter 5: Certified Public Accountant, Forensic Accounting, Management Accounting

• School: Mizzou
• Department: Business Administration
• Course: BUS_AD 1500
• Professor: Breske

Document Summary

Accounting: the system of business used to identify, measure, and communicate financial information to others, inside and outside the organization. Helps managers plan & control a company"s operations. Helps banks & suppliers know whether or not a business is creditworthy. Financial accounting: concerned with preparing financial statements and other info for outsiders such as stockholders and creditors. Management accounting: concerned with preparing cost analyses, profitability reports, budgets. Analyze and interpret financial info prepare forecasts and budgets prepare tax returns might also evaluate product performance. Emphasizes: cost accounting, tax accounting, financial analysis, forensic accounting (combining accounting and investigating skills to assist in legal criminal matters) Generally work as a team under controller (who reports to vp) or cfo. Certified public accountant (cpa) not required of private accountants, requirements vary by state. Certified management accountant: pass intensive exam by institute of. Independent of businesses, organizations, and individuals they serve. Four largest international networks: big four, deloitte touche tohmatsu, ernst &