b10chap17 - Chapter 17 Understanding Accounting and...

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12/6/2011 1 Chapter 17: Understanding Accounting and Financial Information 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. 15-2 The recording, classifying, summarizing, and interpreting of the financial dimension of business transactions to provide management and other interested parties the information they need to make good decisions. 15-3
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12/6/2011 2 17-4
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12/6/2011 3 True or False? Churches, schools, and charitable organizations all hire accountants. True or False? The accounting profession is divided into two main fields: bookkeeping and auditing.
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12/6/2011 4 Managerial Financial Auditing Tax accounting Governmental and not-for- profit accounting 15-10 “Accounting used to provide information and analyses to managers within the organization to assist them in decision making.” Can answer questions like: 1. How much money did we make in each sales region? 2. Should we trim back our sales force in the sales regions that are less profitable?
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