Accounting & The Business Environment

Accounting & The Business Environment - An account of...

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Decision Makers in Accounting o Individual – Should I invest? o Government – Did they pay the set amount of taxes this fiscal year? o Business – Financial Accounting deals with the External Environment Managerial Accounting deals with the Internal Environment FASB – Financial Accounting Standards Board AICPA – American Institute of Certified Public Accountants o This is a non-profit organization which is membership based o Is also the highest licensed professional standard for accountants o This is the Institute where all accountants seek professional standards SEC – Securities & Exchange Commission o Promulgates rules for publicly traded companies Companies that are publicly traded on the open market where you o For certain issues outside of what is accustomed, they will delegate responsibilities to FASB o They require for companies to be audited by independent accountants. CMA – Certified Management Accountants o Licensed professionals who work for a single company. GAAP – Generally Accepted Accounting Principles o The guidelines for public information. Four Business Forms:
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Accounting & The Business Environment - An account of...

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