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Financial Statements - Economics 1.FinancialStatements 1...

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06/01/2011 1 1 Engineering Finance and Economics 1. Financial Statements 2 Purpose of Accounting Measure business activity Financial reporting Internal: decision makers External: Investors Government: tax authorities, regulators 3 1 3 Accounting Language Financial Statements: Financial information about a business entity that is prepared in a systematic report format that can be used by decision makers to make decisions Income Statement Balance Sheet Statement of Cash Flow
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06/01/2011 2 4 Types of Accounting Managerial Accounting (Internal Use) Users: Internal decision makers / managers Controllers Method of presentation Company specific Future oriented (assumptions) Financial Accounting (External Use) Users Investors / creditors Government Method of presentation Must conform to standards / regulations (GAAP) 5 1 5 Proprietorships Partnerships Corporations How to Organize a Business 6 1 6 Corporations Stocks
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