Financial statements are assembled under certain sets of rules, known as accounting frameworks, of which the best known are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). 1. The accountant may generate additional reports for special purposes, such as determining the profit on sale of a product, or the revenues generated from a particular sales region. The uses of ERP systems as decision-making tools are discussed more fully in Chapter 13. Accounting information of a business enterprise is used by many stakeholders. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. Often through the use of some form of management information system. %PDF-1.3 %���� 0000001900 00000 n 0000001148 00000 n Thus, the purpose of accounting centers on the collection and subsequent reporting of financial information. We can broadly […] 0000001281 00000 n The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. 121 0 obj<>stream

0000002877 00000 n Thomson Learning™ CHAPTER 1 Accounting Information and Managerial Decisions 5 emphasized. 0000000596 00000 n �.8����ޮ�O&�&Op�ҴI���΍ƥ5������ǮX�������-U"( �v'w�~W�旒�ZG�ƈ��w�! The framework that a business uses depends upon which one the recipient of the financial statements wants.

! accounting information/data is to be used to solve the problems of the public at large such as determination and controlling of prices. 2.2 Management accounting information use Following Horngren, Sundem and Stratton (2000) we define management accounting systems <]>> 0000001064 00000 n 0000001823 00000 n Bookkeeper Education Bundle Bookkeeping Guidebook New Controller Guidebook, Accounting BestsellersAccountants' GuidebookAccounting Controls Guidebook Accounting for Casinos & Gaming Accounting for InventoryAccounting for ManagersAccounting Information Systems Accounting Procedures Guidebook Agricultural Accounting Bookkeeping GuidebookBudgetingCFO GuidebookClosing the Books Construction AccountingCost Accounting FundamentalsCost Accounting TextbookCredit & Collection GuidebookFixed Asset AccountingFraud ExaminationGAAP GuidebookGovernmental Accounting Health Care Accounting Hospitality Accounting IFRS GuidebookLean Accounting Guidebook New Controller GuidebookNonprofit Accounting Oil & Gas Accounting Payables ManagementPayroll ManagementPublic Company Accounting Real Estate Accounting, Finance BestsellersBusiness Ratios GuidebookCorporate Cash ManagementCorporate FinanceCost ManagementEnterprise Risk ManagementFinancial AnalysisInterpretation of FinancialsInvestor Relations GuidebookMBA GuidebookMergers & AcquisitionsTreasurer's Guidebook, Operations BestsellersConstraint ManagementHuman Resources GuidebookInventory Management New Manager Guidebook Project ManagementPurchasing Guidebook, International Financial Reporting Standards. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. Accounting is an information system that measures, processes, and communicates financial trailer x�b```f``Z��dLf�a@ �+sL`@G>�,R����W?C��bugƒ���M���9mq�. 0000003552 00000 n �fH�Z�+�X9�x�6. situation and use that to interpret accounting information. Introduction to the uses of financial information for internal and external purposes. 1 Business reports, referring to reports generated for internal use.

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