ARBUS101 Chapter Notes - Chapter 16: Retained Earnings, Cash Flow, Accounting Equation

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS101
• Professor: Zamal Ruffudeen

Document Summary

Accounting - recording, classifying, summarizing, & interpreting financial events/transactions to provide management & info for other parties. Managerial accounting - accounting providing info/analyses managers inside organization to help with decision making. Financial accounting - accounting info & analyses prepared for people outside organization. Annual report - yearly statement of the financial condition, progress, & expectations of an organization. Private accountant - works for single firm, gov. agency, or not-for-profit organization. Public accountant - provides service to individuals/businesses on a fee basis. International financial reporting standards (irfs) - common set of accounting principles, standards, & procedures for compiling financial statements. Auditing - reviewing & evaluating the records used to prepare a company"s financial statements. Independent audit - evaluation & unbiased opinion about accuracy of a company"s financial statements. Forensic accounting - focuses attention on fraudulent activity. Tax accountant - trained in tax law; responsible for preparing tax returns/developing tax strategies.