Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
the accounting processes function
|
to communicate measurable economic information
|
|
|
direct interest
|
1. investors
2. creditors- most important user groups |
|
|
indirect interest
|
taxing authorities, agencies, customers, labor unions, economic planners, ect
|
|
|
objectives of financial reporting
|
1. report information useful in making ECONOMIC DECISIONS
2. report information useful in assessing CASH FLOW PROSPECTS 3. report information about enterprise resources, claims to those resources , and changes in those resources |
|
|
financial statements are for
|
providing outside firms the financial information
|
|
|
financial statements provide
|
1 balance sheet
2 income statement 3 statement of cash flows 4 statement of stockholders equity |
|
|
securities and exchange commission (sec) helps
|
1 develop and standardize financial information presented to stockholders
2 gov. has broad powers to prescriptive accounting practices and standards of publicly traded companies |
|
|
financial accounting standards board (FASB)
|
formulating gaap
primary goal in developing the codification is to provide in one place all the authoritative literature related to a particular topic. |
