Accounting Notes Intro Chapter

Accounting Notes Intro Chapter - Accounting Notes...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting Notes Introduction Define Accounting - An information system that generates financial information about a business that users rely on to make decisions. - An accounting information system is the resources and procedures in a business that changes economic data into financial information. - Flow of data and information in a typical accounting information system: Collect financial and other economic data. Gather Measure Record data Process the data Organize Store data Communicate information Summarize Report Interpret data Identify users of accounting information - The Accounting information syste m s erves us ers inside and outside the business organization. Internal Users (Manag e m e nt Accounting) Manage m e nt Accounting is the p art of accounting that provides information to intern users. Internal users are those people within an organization who m ake d ecisions affecting t business.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
External Users Financial Accounting is the part of accounting that provides information to external us External users are the people that do not have direct access to the records of the bus   Instead, they depend on the management to provide the information. Owners hope the value of their investment will increase.  They are individuals who ha
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/07/2008 for the course ACCT 131 taught by Professor Dickkochanek during the Spring '08 term at UConn.

Page1 / 4

Accounting Notes Intro Chapter - Accounting Notes...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online