MGMT 1A Lecture Notes - Lecture 3: Accounting, Cost Accounting, Management Accounting
Document Summary
Mgmt 1a lecture 3 notes - accounting basics & regulation. I. what is accounting? ( the language of business ) Accounting ( the language of business ): a process of identifying, recording, and communicating the economic events of an organization to interested users of the information. Financial accounting - serves external decision makers: Securities and exchange commission (sec) : an agency of the u. s. government that was established in 1933 to administer laws and regulations relating to the exchange of securities and the publication of financial information by u. s. businesses. Securities act (of 1933) : government began to oversee ipo filings (regulates the offer and sale of securities) Securities exchange act (of 1934) : deals with the ongoing reporting requirements. 8-k : a current report that companies must file with the sec to announce. Ex. completion of acquisition, bankruptcy, changes in registrant"s. Sarbanes-oxley act (of 2002) : significant changes made in financial reporting and.
