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5 Cards in this Set
- Front
- Back
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Essential characteristics of accounting |
Identification, measurement, and communication of financial information about economic entities to interested parties |
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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 |
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Managerial accounting |
Process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations |
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Financial statements |
How a company communicates financial information. Balance sheet, income statement, statement of cash flows, and statement of owner's or stockholders equity |
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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 |
