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Essential characteristics of accounting
Identification, measurement, and communication of financial information about economic entities to interested parties
Financial Accounting
The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties
Users include investors, creditors, managers, unions, and government agencies
Managerial accounting
Process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations
Financial statements
How a company communicates financial information.
Balance sheet, income statement, statement of cash flows, and statement of owner's or stockholders equity
Financial Reporting
Reporting of financial information other than in formal financial statements. Ex:presidents letter, supplementary schedules in annual report, reports with government agencies, news releases, management's forecasts, and social or environmental impact statements
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