Notes - Notes Chapter 1 Concepts for Analysis CA1-1 * F...

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Notes Chapter 1 Concepts for Analysis CA1-1 * Financial Accounting A. Differentiate between financial accounting and manager accounting a. Financial Accounting - The preparation of financial report on the enterprise for use by both internal and external parties. Managerial Accounting – Identifying, measuring, analyzing, and communicating financial information needed by management to plan , control and evaluate a company operations. B. One part of financial accounting involves the preparation of financial statements. What are the financial statement most frequently provided? a. The balance Sheet b. Income Statement c. Statement of Cash flow d. Statement of owner or stockholder equity C. What is the difference between financial statement and financial reporting? a. Note disclosures are an integral part of each financial statement. b. Financial reporting is less formal it can include annual reports, reports filed with government agencies, news releases, management’s forecast, etc. CA1-2 *Objective of Financial Reporting A. Identify the three objectives of financial reporting as presented in Statement of Financial Accounting Concepts No 1 (SFAC No 1)
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a. Useful in investment and credit decisions b. Useful in assessing cash flow prospects
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This note was uploaded on 11/04/2010 for the course MATH 23440 taught by Professor Brown during the Fall '10 term at Community College of Baltimore County.

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Notes - Notes Chapter 1 Concepts for Analysis CA1-1 * F...

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