ACCT - Chapter 1 - Alex Fish Acct Chapter 1 Users and Types...

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Alex Fish Acct Chapter 1 Users and Types of Information Lower level employees use nonfinancial information Middle managers use a blend of financial and nonfinancial information Senior executives concentrate on financial data External users, investors, deal with economic information Level of Aggregation External users concentrate on global information (information about the company as a whole) while internal users concentrate on detailed information about specific things Regulation The Securities and Exchange Commission regulates public financial reporting practices The Financial Accounting Standards Board developed the majority of accounting guidelines The Generally Accepted Accounting Principles is what FASB has accepted Management accountants are free to engage in any information trade so long as the activity adds value in excess of its cost, under the value added principle. Product Costing in Manufacturing Companies
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ACCT - Chapter 1 - Alex Fish Acct Chapter 1 Users and Types...

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