areas.txt

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Author:
kjbrown0916
ID:
26882
Filename:
areas.txt
Updated:
2010-07-15 11:30:59
Tags:
areas acct types
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Description:
Areas of Accounting
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  1. MANAGERIAL ACCOUNTING
    Used to provide information and analyses to MG w/in the orgz to assist them in D-M
  2. What are the functions of managerial accounting for MG?
    • -Measuring and reporting costs of production, marketing, and other functions
    • -Preparing budgets (planning)
    • -Checking whether or not units stay w/in their budgets (controlling)
    • -Designing strategies to minimize taxes
  3. CERTIFIED MANAGEMENT ACCOUNTANT
    Professional accountant who has met certain educational and experience requirements, passed a qualifying exam in the field, and been certified by the Institute of Certified Management Accts
  4. Why is Managerial Acct important?
    -Growing emphasis on global competition, outsourcing, and orgz cost-cutting
  5. FINANCIAL ACCOUNTING
    Accounting information and analyses prepared for people outside the orgz, but also seen by ppl w/in (company owners, MG, EE)
  6. Who are the primary users of financial accounting information?
    • -Creditors and lenders
    • -EE unions
    • -Customers
    • -Suppliers
    • -Gov't agencies
    • -General public
  7. ANNUAL REPORT (FA)
    Yearly statement of financial condition, progress, and expectancies of an orgz
  8. What does the annual report do?
    • Answer questions to interested ppl outside of the orgz, such as stakeholders
    • 1) Is the orgz profitable?
    • 2) Is orgz able to pay bills?
    • 3) How much debt does the orgz hold?

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