Chapter 01 - Accounting in Business Accounting in Business...

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Unformatted text preview: Accounting in Business Accounting in Business Chapter 1 Chapter 1 Users of Accounting Information Accounting Accounting Accounting: is an information and measurement system that identifies, records, and communicates relevant, reliable and comparable information about an organizations business activities. Users of Accounting Information Users of Accounting Information Internal Users Managers Officers / Directors Staff External Users Lenders Shareholders External Auditors Government Customers Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Example Problem Example Problem At the beginning of the year, the Franklin Company At the beginning of the year, the Franklin Company had total assets of $800,000 and total liabilities of had total assets of $800,000 and total liabilities of $500,000....
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Chapter 01 - Accounting in Business Accounting in Business...

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