385 quiz 1 acct Word Scramble
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Term | Definition |
Accounting | The identification, measurement, and communication of financial information about economic entities to interested persons |
Financial Accounting | Externally focused, must follow externally imposed rules (GAAP), objective financial, historical orientation |
Management Accounting | internally focused, no mandatory rules, financial and non-financial, emphasis on future |
Objective of Financial reporting | To provide financial information that is useful to users and this is decision-useful |
Stakeholders | Investors, Financial Analysts, brokers, lenders, employees and trade unions, suppliers, customers, government and regulatory agencies, donors |
Efficient Markets Hypothesis | Proposes that share prices reflect all information about a company. (i.e. users make capital allocation decisions using all relevant information) |
Management Bias | Income maximization, minimization, smoothing |
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davidvachon1
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