SOM 122 Chapter Notes - Chapter 15: Retained Earnings, Net Income, Pricewaterhousecoopers

• School: Syracuse University
• Department: School of Management
• Course: SOM 122
• Professor: Petosa

Document Summary

Accounting: comprehensive system for collecting, analyzing, and communicating financial information. Determine how well a business is being managed and assess its financial strength. Accounting information system (ais): organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports. Business managers: develop plans and goals, set budgets and evaluate future prospects. Employees and unions: use to plan for and receive compensation and benefits. Investors and creditors: use to estimate returns to stockholders, determine growth prospects, and if a firm is a good credit risk. Tax authorities: use it to plan for tax inflows, determine tax liabilities, and ensure good business ethics. Government regulatory agencies: duties to the public, Controller: (chief accounting officer) manages all of a firm"s accounting activities. Financial: field of accounting concerned with external users of a company"s financial information. Focus on activities of company as a whole. Managerial: field of accounting that serves internal users of a company"s financial information.