Overview of the Accounting Environment

Managerial Accounting

Fields in Accounting
Financial Accounting

financial statement reporting to entities outside the business organization

Financial Accounting
Information primarily intended

for investors and creditors

Governing body is the Financial

Accounting Standards Board (FASB)

Highly regulated

Financial Accounting
Financial reports are:
Balance Sheet Income Statement Statement of Changes in Equity Statement of Cash Flows

Verified through documentation

and audit by CPA

Fields in Accounting
Cost/Managerial Accounting

preparing information suitable for managers to plan control and run the organization

Cost / Managerial Accounting

Information prepared for internal users Primarily intended for decision making

by managers
No governing body or regulators
Emphasis on relevance rather than

verification

Fields in Accounting
Governmental Accounting

accounting for state or local governments using fund accounting concepts

Separates activities of the organization

into distinct reporting units

Fields in Accounting
Tax Accounting

strategic planning to reduce tax liability

Record keeping and filing

for tax preparation

Web Sites
www.roberthalf.com

contains free resources on careers, jobs descriptions, and salaries for accounting and finance professionals

Web Sites
www.gleim.com

contains information about certifications and licenses available in accounting

Professional Organizations
IMA Institute of Management Accountants
www.imanet.org

MSCPA AAA

Missouri Society of Certified Public Accountants American Accounting Association

Certifications
CPA Certified Public Accountant

CMA Certified Management Accountant

CIA
CFA

Certified Internal Auditor

Certified Forensic Accountant