Ch1 Accounting and the Business Environment blanks.doc

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Accounting and the Business Environment Accounting is an information system that ___________________________________________ about an identifiable ______________________________________________. ________________________________ provides internal decision makers with information about financing, investing and operating activities. ______________________________ generates reports and communicates them to external decision makers so that they can evaluate how well the business has achieved its goals. These reports are called financial statements . Users of Financial Accounting Information Management Those with direct financial interest Investors Creditors Those with indirect financial interest Tax Authorities Regulatory Agencies (includes the SEC) Unions Financial analysts and advisers Brokers, underwriters, lawyers Economists Employees Consumer groups, customers and general public GAAP (generally accepted accounting principles) is ____________________________________________ _______________________________________________________________________________________. FASB stands for ___________________________________________. This organization is responsible for _______________________________________________________________________________________. IFRS (International Financial Reporting Standards) developed by IASB (International Accounting Standards Board) Organizations that Influence Current Practice Public Company Accounting Oversight Board (PCAOB) Financial Accounting Standards Board (FASB) Institute of Certified Public Accountants (AICPA) Securities and Exchange Commission (SEC) 1
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