chapter 17 - five areas: managerial accounting, financial...

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Hanifa Ayunisa January 14, 2011 Chapter 17 According to chapter 17, I have learned that financial management is the heartbeat of competitive business, and accounting information can keep heartbeat stable. It is also really important to know accounting if a person wants to succeed in business. First of all, accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions. A major purpose of accounting is to help managers evaluate the financial condition and the operating performance of the firm so that they can make wee informed decisions, and it is also important to report financial information to interested stakeholders such as employees, owners, creditors, suppliers, unions, and the others. The accounting profession is divided into
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Unformatted text preview: five areas: managerial accounting, financial accounting, auditing, tax accounting, and governmental and not-for-profit accounting, and they are all important. In the accounting, there is also the accounting cycle. The accounting cycle is a six-step procedure that results in the preparation and analysis the major financial statements, and there are analyze source documents, record transactions in journals, transfer journal entries to ledger, take a trial balance, prepare financial statements, and finally analyze financial statements. However, after I am done reading this chapter, I am still not sure about which one is going to asset’s side and which one is going to liability’s side in the balance sheet. Therefore, I decide that I will learn more about this chapter by taking accounting class next semester....
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This document was uploaded on 11/02/2011 for the course BUSINESS BA 101 at Montgomery.

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