August_24_slides

August_24_slides - ORIE 350 Financial and Managerial...

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    ORIE 350 Financial and Managerial  Accounting Lecture #1 August 24, 2006 Fall 2006
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    First, a definition Accounting is an information system that measures, processes, and communicates financial information about an economic entity (like a business). Not all aspects of a business are described by the accounting system. For example, the quality of the company’s products and the workplace environment are not described by the accounting system. But a large portion of what goes on in a business is included in the accounting information.
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    Financial Accounting A. There are three basic types of business organizations in the USA: a. Sole Proprietorship (single owner) b. Partnership (several owners) c. Corporation (owners are stockholders) We will focus on the last type. A corporation is a separate legal entity.
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    What else should we know? Accounting is a link between business activities and decision makers. This allows a decision maker to run a large business, as all aspects of the business do not have to be observed first-hand.
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    More introduction Management personnel SHOULD have a
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This note was uploaded on 04/05/2009 for the course ORIE 350 taught by Professor Callister during the Summer '08 term at Cornell.

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August_24_slides - ORIE 350 Financial and Managerial...

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