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Accounting Overview

Accounting Overview. Financial Accounting Managerial Accounting Basic Financial Statements. Financial Accounting. For users outside of the company or organization Primarily investors and others Statements must follow GAAP Generally audited. Managerial Accounting.

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Accounting Overview

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  1. Accounting Overview • Financial Accounting • Managerial Accounting • Basic Financial Statements

  2. Financial Accounting • For users outside of the company or organization • Primarily investors and others • Statements must follow GAAP • Generally audited

  3. Managerial Accounting • Information for internal decision making • General users are managers and other decision makers • Information must be useful • Commonly based on the company’s budget

  4. Basic Financial Statements • Income statement • Balance sheet • Statement of cash flows • Related footnotes

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