GEB-4455 Lecture Notes - Lecture 14: Governmental Accounting Standards Board, Financial Accounting Standards Board, Internal Revenue Service
Document Summary
Financial management is the heartbeat of competitive businesses, and accounting information helps keep the heartbeat stable. Accounting reports and financial statements reveal as much about a business"s health as pulse and blood pressure readings tell us about a person"s health. Thus, you have to know something about accounting if you want to succeed in business. It"s almost impossible to understand business operations without being able to read, understand, and analyze accounting reports and financial statements. Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management and other interested parties the financial information they need to make good decisions about its operation. Financial transactions include buying and selling goods and services, acquiring insurance, paying employees, and using supplies. You may think accounting is only for profit-seeking firms. Accounting, often called the language of business, allows us to report financial information about nonprofit organizations such as churches, schools, hospitals, fraternities, and government agencies.
