Accounting 312- ch 1 - Accounting 312 Chapter 1-Financial...

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Accounting 312 Chapter 1-Financial Accounting and Accounting Standards Characterisitcs of Accounting 1. identification, measurement and communication of financial info about 2. economic entities to 3. interested parties -FINANCIAL ACCOUNTING is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties -(managerial accounting is the process of identifying, measuring, analyzing and communicating financial info needed by management to plan, control and evaluation co’s operations - FINANCIAL STATEMENTS are the principal means thru which a co communicates its financial info to those outside it •balance sheet •income statement •statement of cash flows •statement of owners’ or stockholders’ equity -two types of financial info: basic financial statements and related disclosure Accounting and Capital Allocation Accountants must measure performance accurately and fairly on a timely basis so that the right managers and companies are able to attract investment capital
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This note was uploaded on 01/23/2011 for the course ACCOUNTING acc312 taught by Professor Halwhite during the Fall '10 term at University of Michigan.

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Accounting 312- ch 1 - Accounting 312 Chapter 1-Financial...

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