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Chapter 17 - Coggle Diagram
Chapter 17
Important Vocabulary
Accounting: 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.
CMA: 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.
Annual Report: Yearly statement of the financial condition, progress, and expectations of an organization.
Private Accountant: Works for a single firm, government agency, or nonprofit organization.
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CPA: CPAs find careers as private or public accountants and are often sought to fill other financial positions within organizations.
Auditing: Reviewing and evaluating the information used to prepare a company's financial statements.
Accounting Cycle: a six-step procedure that results in the preparation and analysis of the major financial statements.
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