Reading Log Chapter 10 - income statement and the statement...

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Cordero Mobley Section 8 October 24, 2006 Reading Log for Chapter # 10 , Accounting The five most important points of this reading were: Financial Accounting- The financial accounting system is concerned with external information users such as: stockholders, unions, and government agencies. It focuses on the organization as a whole, instead of specific departments. Managerial Accounting- Managerial accounting is the field of accounting that focuses on and serves internal users. Managerial accounting provides managers at all levels with information and analysis to assist them in decision making. Types of Accounting Activities- Professional accountants develop and apply skills in several different areas of accounting. Accounting activities include tax, financial, auditing, management analysis, and budget analysis. Financial Statements- There are three major financial statements: the balance sheet, the
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Unformatted text preview: income statement, and the statement of cash flows. These various financial statements are used to illustrate basic accounting principles. • Where Accountants Work- Accountants tend to work in one of four settings: public accounting firms, government, corporations, or solo. The relationship between the new information gleaned from this reading and my previous knowledge and experience is: As an accounting major, I already had some understanding of most of the topics that were covered. However, I did gain some insight about the four settings in which accountants tend to work. By reading about the different places that accountants work, I have a better idea of exactly what I might want to pursue in the accounting field. I would like clarification or additional information on the following topics: How much did the Enron and WorldCom scandals truly hurt the future of the accounting field?...
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