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Accounting Basics
Introduction Financial accountancy (or financial accounting) is the field of ...
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Chapter 16
Understanding Accounting and FinancialStatements
L e a r n i n g G o a l s
Explain the functions andimportance of accounting.Identify the three basic activitiesinvolving accounting.Describe the roles played bypublic, management, governmentand not-for-profit accountants.Outline the steps in the accountingprocess.Explain the three principalfinancial statements.Discuss how financial ratios areused to analyze a firm’s financialstrengths and weaknesses.Describe the role of budgets in abusiness.Explain uniform financialstatements and howexchange rates influenceinternational accountingpractices.
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Accounting
Process of measuring, interpreting, and communicating financialinformation to support internal and external business decision making.
USERS OF ACCOUNTING INFORMATION
•
Open book management
Sharing sensitive financial information withemployees and teaching them how to understand and use financial statements.•
Viewing financial information may help them better understand how theirwork contributes to the company’s success.•
Outsiders use financial data to evaluate investment opportunities.•
Accountants serve public good.•
Example: Volunteer programs that provide free help for low- and middle-income senior citizens file their taxes.AARP’s Tax Aide
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CB12e Basic PPT Ch16
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