Chapter 1 Lecture Outline

Chapter 1 Lecture Outline - Chapter 1 Financial Accounting...

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Chapter 1 Characteristics of Accounting Essential characteristics of accounting are: 1. 2. 3. Financial Accounting  is the process that culminates in the preparation of financial reports on  an enterprise for use by both internal and external parties. Why is Accounting SO Important? Accounting and Capital Allocation Resources are limited.  Efficient use of resources often determines whether a business thrives.  Accounting Reports disseminate useful information to Users / Interested Parties to aid in their investment Accounting Reports disseminate useful information to Users / Interested Parties to aid in their investment   decisions (capital allocation). decisions (capital allocation). CHAPTER 1 LECTURE OUTLINE Page 1 of 5 Financial Financial Reporting Reporting Users Users Capital Allocation Capital Allocation .
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Objectives of Financial Accounting Financial reporting should provide information: that is useful to present and potential investors and creditors and other
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Chapter 1 Lecture Outline - Chapter 1 Financial Accounting...

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