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ACCOUNTING Measures financial aspects of a business Communicates this information to decision makers Facilitates answering questions about resource allocation.
Financial Accounting Focused on the needs of external users
Managerial Accounting Focused on the needs of internal users
Measurement Rules Accountants establish measurement and reporting rules that businesses use to facilitate communication. Generally Accepted Accounting Principles
Reporting entities particular individuals or organizations where reports are disclosed (financial activities)
Accounting Equation Assets = Claims Assets = Liabilities + Equity
Asset something of value Ex: Cash, Land, Buildings Resources controlled by a business
Liability something owed (creditors’ share of the assets)
Created by: 510756990