Business Exam Two Notes - Business Exam Two Notes...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Business Exam Two Notes Accounting - The recording measurement, and interpretation of financial information Accountants - Public Accountants An individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records - Private Accountants Accountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements Private accountants can become certified management accountants , by passing rigorous examination by the Institute of Management Accountants Certified Management Accountants are private accountants who after rigorous examination, are certified by the National Association of Accountants and who have some managerial responsibility Accounting or Bookkeeping Bookkeeping is typically limited to the routine, day to day recording of business transactions Bookkeepers are responsible for obtaining and recording the information that accountants require to analyze a firms financial position
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Additional training allows accountants not only to record financial information, but to understand, interpret, and even develop the sophisticated accounting systems necessary to classify and analyze complex financial information - Uses of Accounting Information Internal Uses Managerial accounting refers to the internal use of accounting statements by managers in planning and directing the organizations activities Cash flow which is the movement of money through an organization over daily, weekly, monthly, or yearly basis Not at all unusual for highly successful and rapidly growing companies to struggle to make payments to employees, suppliers, and lenders because of an inadequate cash flow Managerial accountants also help to prepare an organizations budget, the internal financial plan that forecasts expenses and income over a set period of time The budget breakdowns the inflow and outflow of cash Expected operating expenses such as wages, material costs and taxes
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern