Web Chapter 1 - Accounting in Business Chapter 1 Users of...

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Unformatted text preview: Accounting in Business Accounting in Business Chapter 1 Chapter 1 Users of Accounting Information Accounting Accounting Accounting: is an information and measurement system that identifies, records, and communicates relevant, reliable and comparable information about an organization’s business activities. Users of Accounting Information Users of Accounting Information Internal Users • Managers • Officers / Directors • Staff External Users • Lenders • Shareholders • External Auditors • Government • Customers Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Example Problem Example Problem At the beginning of the year, the Franklin Company At the beginning of the year, the Franklin Company had total assets of $800,000 and total liabilities of had total assets of $800,000 and total liabilities of $500,000....
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