LECTURE OUTLINE1 MANAGEMENT 100 CHAPTER 1 FINANCIAL ACCOUNTING Introduction to Financial Accounting and the Financial Statements Overview •What is accounting/financial accounting? •The institutional features for financial reporting •What is in financial accounting? •What is not in financial accounting? •An introduction to financial statements. What is accounting? Accounting is the process of identifying, measuring, and communicating economic events in value terms, to provide information for economic decision-making. A.Types of Accounting Systems Financial accountingis concerned with providing information for decision-makers primarily outside the firm. Managerial accountingis concerned with providing information for decision-makers inside the firm. B.Users of Financial Statements •••••Investors Creditors Management Employees Regulators
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