BUSN 70 Lecture 14: Accounting CHPT 14
Document Summary
Required firms to be more rigorous in their accounting and reporting practices. Officers of the company are personally accountable for misrepresented date. Company must provide a description of its internal control. All off balance sheet transactions must be reported. Dodd frank act strengthens the oversight of financial services. Can break up large banks because of their size. Helps file tax returns, gives unbiased opinion on financial statements. Bookkeepers do day to day recordings of business transactions. Accountants train more and understand , interpret, even develop the complex accounting systems necessary to classify confidential information. Internal use of accounting managers by planning and directing the organization"s activities. Movement of money through an organization over a daily, weekly, monthly, or yearly. An internal financial plan that forecasts expenses and income over a set period of. Concerned with accounting statements (used for filing income taxes, obtaining credit) Annual report (summary of a firm"s financial information, products and growth plans, potential investors)
