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CA1-1,10,16 - Robert Garrett Accounting 353 September 8...

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Robert Garrett Accounting 353 September 8, 2008 CA 1-1, CA1-10, CA1-16 CA1-1 (Financial Accounting) a) Differentiate between financial accounting and managerial accounting. Financial accounting-processes that culminates in preparation of financial reports for use by internal and external parties. Managerial accounting-processes that provide information to management to help them make decisions. b) What are the financial statements most frequently provided? The balance sheet, the income statement, the statement of cash flows, and statement of owners’ or stockholders’ equity. c) What is the difference between financial statements and financial reporting? Financial statements are more so for internal usage and financial reporting is more so for external usage. CA 1-10 (Standard-Setting Terminology) a) AICPA (American Institute of Certified Public Accountants)-national professional organization of Certified Public Accountants.
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