ADMS 3585 Chapter 1 Study Sheet.docx

ADMS 3585 Chapter 1 Study Sheet.docx - ADMS 3585 Chapter 1...

Info icon This preview shows pages 1–2. Sign up to view the full content.

ADMS 3585 Chapter 1 Study Sheet Accounting is the identification, measurement and communication of financial information about economic entities to interested persons. Financial Accounting: is the process that culminates in the preparation of financial reports that cover all the enterprise’s business activities and are used by both internal and external parties Managerial Account: is the process of identifying, measuring, analyzing and communicating financial information to decision makers. Capital Allocation Process Stakeholders: parties who have something at risk (stake) in the financial reporting environment o Broader definition of users is: anyone who prepares, relies on, reviews, audits, or monitors financial information o Includes both internal and external parties o Key stakeholders include: Investors, creditors, auditors, employees, regulators, analysts, management, standard setters, and others Objective of financial reporting: o
Image of page 1

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

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '10
  • Sandra
  • International Financial Reporting Standards, U.S. Securities and Exchange Commission, international Accounting standards, Information asymmetry, information asymmetry problems, ADMS 3585

{[ 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