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Financial accounting 

        

  managerial accounting     


nancial statements 
!"
#"
$"%&
'"&(
Financial Accounting Standards Board (FASB)

&

)*+,&-.
1. *+
2. )*/
Accounting Standards Updates:  )*+,  
  Accounting Standards Updates 
*+/&
    
+0/0&/

&&1
Financial Accounting Concepts. *21
&22)*+,3!456
      Statements of Financial Accounting
Concepts     &( -  
  -     ,  

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
7       7**8"    
*/8*/8/
       & 7**8

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+9#:$/
       

What is GAAP?
International Accounting Standards
8&;7**8
 International Financial Reporting Standards (IFRS)
<2International Accounting Standards Board (IASB)
+          7**8 
+)9+*
&&7**8)9+
*  !!=   )9+   0  &
0 5:::"
+0/&+
)9+#:!=
>(&
))*+,*+,
     7**8  )9+
 3&(
"
&,1.
? >(        

?/ &( 

Explain the need for accounting standards.


@&
&
9&&
*
 &        

Explain the application of the basic principles of accounting.

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Financial accounting is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties. Users of these financial reports include investors, creditors, managers, unions, and government agencies. In contrast, managerial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations. The financial statements most frequently provided are (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners' or stockholders' equity. Financial Accounting Standards Board (FASB) Its mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information. The FASB issues two major types of pronouncements: 1. Accounting Standards Updates. 2. Financial Accounting Concepts. Accounting Standards Updates: The FASB issues accounting pronouncements through Accounting Standards Updates. These Updates amend the Accounting Standards Codificati ...
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