ACCY301 - 03 ObjectivesofFinancial Accounting Accountancy301

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Objectives of Financial  Accounting Accountancy 301 Professor Clifton Brown 03 Fall 2010
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Society’s economic objectives Society desires to attain its greatest possible  wealth and highest sustainable standard of living The primary problem confronting these objectives Limited economic  resources Allocation of those  resources Allocate to the most  productive uses
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Productive organizations Employees Regulators Partners Capital  Markets Suppliers Customers COMPANY Society uses productive  organizations to create and  distribute economic goods  and services We will view  organizations as a  nexus of contracts that  form a web of  interrelationships Contracting parties  generally require  information to: Form,  Execute, and Monitor their  contractual  relationships
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Accounting  in resource allocation Accounting is a process of Measuring Disclosing Assuring Information that facilitates Controlling an organization’s  business processes Economic decision making  stakeholders The role of accounting is to  facilitate optimal allocation to and  utilization of economic resources  by the individuals and entities to  whom society entrusts economic  resources
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This note was uploaded on 06/05/2011 for the course ACCT 301 taught by Professor Yueli during the Spring '10 term at University of Illinois, Urbana Champaign.

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ACCY301 - 03 ObjectivesofFinancial Accounting Accountancy301

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