Lecture 9 Accounting - Chapter11 Understanding...

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1 Chapter 11 Understanding  Accounting and  Information Systems Pages 327-345 only
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2 Accounting Definitions Accounting - comprehensive system for  collecting, analyzing, and  communicating financial information Bookkeeping Accounting information system (AIS) Users of acc. Info Financial, managerial
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3 Financial Accounting The process whereby interested groups are kept  informed about the financial condition of the firm Concerned with external users of information Consumer groups, unions, stockholders, government agencies Prepares income statements and balance sheets at regular  intervals focusing on the activities of the company as a   whole  Reporting financial data must conform to standard formats  and procedures  Data are summarized to record financial transactions that  have occurred in previous reporting periods  (historical reports)
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4 Managerial Accounting Internal procedures that alert management to  problems and aid them in planning and 
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This note was uploaded on 01/14/2011 for the course MGMT 2384 taught by Professor Mclaren during the Spring '08 term at Saint Mary's University Texas.

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Lecture 9 Accounting - Chapter11 Understanding...

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