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Chapter 1 - The Accountant's Role in the Organization

Chapter 1 - The Accountant's Role in the Organization -...

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Chapter 1: The Accountant’s Role in the Organization I. Management Accounting, Financial Accounting, and Cost Accounting a. Data Warehouse/Infobarn i. An ideal database that consists of small, detailed bits of information that can be used for multiple purposes 1. Enterprise Resource Planning (ERP) Systems a. Single databases that collect data and feed it into applications that support the company’s business activities b. Management Accounting: i. Measures, analyzes, and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization c. Financial Accounting: i. Focuses on reporting to external parties such as investors, government agencies, banks, and suppliers 1. Measures and records business transactions and provides statements that are based on GAAP d. Cost Accounting: i. Measures, analyzes, and reports financial and nonfianancial information relating to the costs of acquiring or using resources in an organization e. Cost Management: i. Describes the approaches and activities of managers to use resources to increase value to customers and to achieve organizational goals 1.
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