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Accounting provides information to support business decisions by linking decision makers with economic activities and the results of their decisions. Accounting information is used to evaluate performance, make investment and borrowing decisions, and determine tax strategies. The functions of an accounting system are to record business transactions, summarize information for decision makers, and classify similar transactions into useful reports. Financial reporting aims to provide information about resources, claims on resources, and changes that is useful for assessing future cash flows and making investment and lending decisions.
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(follow my slide share LinkedIn account for more presentation)
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and LinkedIn account
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Williams01
- 1. A CCOUNTING eleventh edition Williams Haka Bettner Meigs
- 2. ACCOUNTING: The Basis for Business Decisions Chapter 1
- 3. The accounting process Decision makers Economic activities Accounting “links” decision makers with economic activities and with the results of their decisions. Accounting information Actions (decisions)
- 4. Types of Accounting Information Financial Managerial Tax
- 8. Objectives of External Financial Reporting The primary external users of financial information are investors and creditors .
- 9. Objectives of Financial Reporting Information about economic resources, claims to resources, and changes in resources and claims. Information useful in assessing amount, timing and uncertainty of future cash flows. Information useful in making investment and credit decisions. (Specific) (General)
- 11. Characteristics of Externally Reported Information A Means to an End Broader than Financial Statements Historical in Nature Results from Inexact and Approximate Measures Based on General Purpose Assumption Usefulness Enhanced via Explanation
- 14. Characteristics of Internal Accounting Information Timeliness Identify Decision-Making Authority Oriented Toward Future Measures of Efficiency and Effectiveness A Means to an End
- 15. End of Chapter 1
Editor's Notes
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