Accounting Notes - Financial Accounting: The accounting...

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Notes – Accounting 2401 Chapter 1 Market: A group of people or entities organized to exchange items of value. Financial Resources: Money used to start and operate a business. Investors: Provide financial resources to a business in exchange for a share of the profits. Creditors: Lend money and resources to a business. But instead of money they expect businesses to repay borrowed resources at a future date.
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Unformatted text preview: Financial Accounting: The accounting information needed by external users such as stakeholders and investors. Managerial Accounting: The accounting information needed by internal users such as mangers and employees. FASB: Federal Accounting Standards Board. GAAP: Generally Accepted Accounting Principles....
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