Chapter 18 Outline Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions. The accounting profession is divided into 5 sections. Managerial Accounting ( W/in the organization ) • Used to provide information and analyses to managers w/in the organization to assist them in decision making. • Certified Management Accountant- a professional accountant who had met certain educational and experience requirements, passed a qualifying exam in the field, and been certified by the Institute of Certified Management Accountants. Financial Accounting ( For people outside the organization ) • Accounting info. and analyses prepared for people outside the organization. • Annual Reports is a yearly statement that tells of the financial condition, progress, and expectations of an organization. Auditing
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