Chapter 17: Understanding Accounting and Financial Information - Coggle…
Chapter 17: Understanding Accounting and Financial Information
Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management and other interested parties the financial information they need to make good decisions about its operation.
Managerial accounting provides information and analysis to managers inside the organization to assist them in decision making
A certified management accountant (CMA) is a professional accountant who has met certain educational and experience requirements, passed a qualifying exam, and been certified by the Institute of Certified Management Accountants.
Financial accounting differs from managerial accounting in that the financial information and analyses it generates are for people primarily outside the organization
Certified public accountants
An independent audit is an evaluation and unbiased opinion
about the accuracy of a company’s financial statements
A tax accountant is trained in tax law and is responsible for preparing tax returns, or developing tax strategies
Government and not-for-profit accounting supports organizations whose purpose is not generating a profit, but serving ratepayers, taxpayers, and others according to a duly approved budget.
entries to ledger
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Fundamentals of Accounting
Statements of cash flows