financial&managerial accounting_15e_williamshakabettner
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The Basis for Business DecisionsThe Basis for Business Decisions
Fifteenth Edition
Williams Haka Bettner Carcello
Copyright 2010 by The McGraw-Hill Companies, Inc. AllMcGraw-Hill/Irwin
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Accounting:Accounting:
Information for Decision MakingInformation for Decision Making
Chapter 1
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AccountingInformation
The
Accounting
Process
Decision
Makers
Economic
Activities
Actions
(decisions)
Accounting links
decision makers
with economicactivitiesandwith the results of
their decisions.
Reported
Results of
Actions
(decisions)
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Types of AccountingTypes of Accounting
InformationInformation
Financial
Management
Tax
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Basic Functions of anBasic Functions of an
Accounting SystemAccounting System
Summarize
and
communicate
information to
decision
makers.
Classify
similar
transactions
into usefulreports.
Interpret
and record
business
transactions.
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Components of InternalComponents of Internal
ControlControl
Control
Environment
Risk
Assessment
Control
Activities
Information andCommunication
Monitoring
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External Users ofExternal Users of
Accounting InformationAccounting InformationOwnersCreditorsPotential investors
Labor unionsGovernmental agenciesSuppliersCustomers
Trade associationsGeneral public
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Ch i i fCh t i ti f
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Characteristics ofCharacteristics of
Externally ReportedExternally Reported
InformationInformationA Means to anEnd
A Means to an
End
Broader than
Financial
Statements
Broader than
Financial
Statements
Historical in
Nature
Historical in
Nature
Results from Inexact and
Approximate Measures
Results from Inexact and
Approximate Measures
Based on General-
PurposeAssumption
Based on General-
PurposeAssumption
Usefulness
Enhanced via
Explanation
Usefulness
Enhanced via
Explanation
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Careers in AccountingCareers in Accounting
Public Accounting
Management Accounting
Governmental AccountingAccounting Education
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Ethics, Fraud & CorporateEthics, Fraud & Corporate
GovernanceGovernance
Corporate governance entails corporate
structures and processes for overseeing
the companys affairs to ensure that the
company is being managed with the best
interests of shareholders in mind.
Dennis Kozlowski, the former CEOof Tyco, was sentenced to 8 1/3 to
25 years in prison for his
conviction for conspiracy,
securities fraud, and falsifying
records.
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End of Chapter 1End of Chapter 1
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