KIC000067 - CHAPTER J Business Decisions and Financial...

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CHAPTER J Business Decisions and Financial Accounting What is Accounting? ;0. A system that collects and processes financial information about an organization and reports that information to ~n maker~ 2 Who are the decision makers? ~<.Y.1l!l!.ldto External Decision MakerV .~ Financial Accounting System (Internal ( Decision ~ers t Managerial Accounting System J C"p.1 \
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V\~~tJ;:,5 -C~I\. - ACLonb (--tteIv'o.bLt - \Y\V"~"ltor f ? ,i=> i to - VO~'?i II-' M", 0..1' j ft{l;lptr1'/lt , What information is provided by a financial accounting system? »Financinl statements * Balance Sheet (BS) * Income Statement (IS) • Statement of Retained Earnings (SRE) * Statement of Cash Flows (SCF) 4 Balance Sheet .,. .Purpose: to report the financial position of an accounting entity at a point in time };>a1socalled "statement of financial position" s-rcports assets, liabilities, and stockholders equity Basic Accounting Equation: Assets = Liabilities + Stockholders' Equity _~"'Z4 ~t' 'cC ~"h.",l
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This note was uploaded on 09/01/2011 for the course ACCT 284 taught by Professor Clem during the Fall '08 term at Iowa State.

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KIC000067 - CHAPTER J Business Decisions and Financial...

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