MGMT 1 Lecture Notes - Lecture 13: Gross Profit, Current Liability, Retained Earnings
18 Apr 2016
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Document Summary
Understanding accouning and financial informaion o o o o o o o o o o o o. Accouning - providing inancial informaion for 3rd party. Oten referred to as the language of business; provides great career basis. The accouning system o o o o o o o o o o o o o. Private accountant - works for one paricular organizaion. Public accountant - provides accouning services for other organizaions. Cpa (ceriied public accountant) - must meet strict requirements, take exams, and paricipate in coninuing educaion programs. Financial informaion oten "ceriied" by an unbiased auditor"s opinion. Led to sarbanes-oxley act (sox 2002) (pcaob) reports. Personal responsibility of ceos and cfos to cerify inancial. Dodd-frank passed in response to inancial crisis in 2008 - puts regulaions on wall street. Once hailed as poster child of the new economy. One of largest corporaions in the world; went bankrupt fast. Former cfo (jef skilling) serving sentence; ceo (ken lay) died.
