BMGT 110 Chapter Notes - Chapter 17: Inventory Turnover, The Need, Investment

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: All

Document Summary

Business oten fail according to how well handle inancial procedures. Accouning reporing and inancial statements show health of business. Accouning=record, interpret transacions to provide inancial info make decision. Accouning system=method used to summarize data into reports. Purpose: help manager make informed decisions, report inancial info to stakeholders. Language of business and used for all organizaions, 5 main areas. Managerial=provides info +analysis managers inside org, assist w/ decision making. Ceriied management accountant (cma)=professional w/ ed requirements, pass exam. Annual report=yearly statement of inancial condiion, progress, expectaions. Put in website and use form 10-k more w/ pressure + save $ Public accountant provides accouning service to individual/business for fee. Fasb deines gaap that accountants must follow, makes info accurate. Enron + arthur anderson scandal and other lead to doubt for accouning. Cpas 150hrs college work, exam, 40hr ed/yr, ethics training, receriicaion. Audiing=review +evaluate info used to prepare inancial statement. Internal audits performed by org, make sure follow procedures.