ORIE 3150 August 25 2011 Slides - ORIE350...

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ORIE 350 Financial and Managerial  Accounting Lecture #1 August 25, 2011
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First, a definition Accounting is an information system that measures, processes, and communicates financial information about an economic entity (like a business). Not all aspects of a business are described by the accounting system. For example, the quality of the company’s products and the workplace environment are not described by the accounting system. But a large portion of what goes on in a business is included in the accounting information.
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Accounting vs Accountancy Accounting is the term used in the United States. Accountancy is the term used in the United Kingdom and associated Commonwealth countries and regions. They are NOT the same! We will focus on American accounting in this course. British accountancy uses different terminology and techniques.
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Nothing wrong with the UK… Samantha Fox Beefeater Gin However, please learn and use American accounting terms and procedures. Make lawyers look silly
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What else should we know? Accounting is a link between business activities and decision makers. This allows a decision maker to run a large business, as all aspects of the business do not have to be observed first-hand.
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Management personnel SHOULD have a good understanding of accounting to set financial goals and make financial decisions. The CEO’s [Chief Executive Officers] of
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ORIE 3150 August 25 2011 Slides - ORIE350...

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