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Defining Accounting

In: Business and Management

Submitted By tfwms
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• Define accounting
Accounting is a process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments.
• Identify users of accounting information and explain why it is useful
Users of accounting information include the management of the entity or organization; the owners of the organization; potential investors in and creditors of the organization; employees; and various federal, state, and local governmental agencies that are concerned with regulatory and tax matters.
Management When performing the function of planning, directing, and controlling, management makes may decisions and informed judgments.
Investors/shareholders When considering whether to invest in the common stock of a company investors use accounting information to help access the amounts, timing and uncertainty of future cash returns on that investment.
Creditors/Suppliers When determining how much merchandise to ship to a customer before receiving payment, creditors assess the probability of collection and the risks of late or nonpayment. Banks also become creditors when they make loans and they have similar needs for accounting information.
Employees When planning for retirement employees assess the company’s stability to offer long-term job prospects and an attractive retirement benefits package.
SEC (Securities and When reviewing for compliance with SEC regulations, analysts determine whether financial statements issued to investors fully disclose all required information.

• Discuss accounting services The major classifications of accounting include financial accounting, managerial accounting/cost accounting, auditing/public accounting, internal auditing, governmental and not-for-profit accounting and income tax accounting.
• Define financial accounting…...

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