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UNDERSTANDING ACCOUNTING & FINANCIAL INFORMATION - Coggle Diagram

- - - - provides information and analysis to managers inside
        the organization to assist them in decision making.
    - - is a professional accountant who has met certain educational and experience requirements, passed aqualifying exam,
- - - - In the ledger, they transfer (or post) information from accounting journals into specific categories so managers can find all the information about a single account, like office supplies or cash, in one place.
    - - Summary of all the financial data in the account ledgers that ensures the figures are correct and balanced.
    - - The practice of writing every transaction in two places is called double-entry bookkeeping. It requires two entries in the journal and in the ledgers for each
        transaction.
    - - The word journal comes from the French word jour, which means “day.”Therefore, a journal is where the day’s transactions are kept.
    - - ,the recording of business transactions,is a basic part of financial reporting.
- - - - The income statement, which summarizes revenues, cost of goods, and expenses (including taxes), for a specific period and highlights the total profit or loss the firm experienced during that period.
      - The balance sheet, which reports the firm’s financial condition on a specific date.
      - The statement of cash flows, which provides a summary of money coming into and going out of the firm. It tracks a company’s cash receipts and cash payments.