Accounting Ch 1

Accounting Ch 1 - Chapter 1: Accounting-Present and Past...

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Chapter 1: Accounting-Present and Past Accounting is the process of identifying, measuring, and communicating economic information about an entity for decisions and informed judgments. Investor is an organization or individual who has an ownership interest in the firm. (For corporations, referred to as stockholder or shareholder) Creditor is an organization or individual who lend to the entity. Financial accounting focuses on reporting an entity’s financial position at a point in time or their result of operations and cash flows for a period of time. (Externally oriented) Controller is the title of the person who is the chief accounting officer of an organization. Managerial accounting is concerned with the internal use of economic and financial information to plan and control many of the activities of an entity. Cost accounting is a subset of managerial accounting relating to the determination and accumulation of product, process, or service cost. Public accounting provides auditing, income tax accounting, and management consulting
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This note was uploaded on 03/02/2011 for the course ACCT 502 taught by Professor Jaggi during the Fall '10 term at Rutgers.

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