BUSN 1101 Chapter Notes - Chapter 9: Equity (Finance), Cash Flow, Gross Margin

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1101
• Professor: Kinnunen Raymond

Document Summary

Corporate accounting is the pat of an organization"s finance department that is responsible for gathering and assembling data required for key financial statements (cid:1) Managerial accounting is necessary to make good business decisions within a company. More specifically, managerial accounting is responsible for tracking sales, and the costs of producing sales. (cid:1) Financial accounting is an area of accounting that produces financial documents to aid decision makers outside the organization in making decisions regarding investments an credibility. (cid:1) Auditing is the area of accounting responsible for reviewing and evaluating the accuracy of financial reports. (cid:1) Government and not-for-profit accounting refers to the accounting required for organizations that are not focused on generating a profit, such as legislative bodies and charities (cid:1) Tax accounting involves preparing taxes and giving advice on tax strategies. (cid:1) Generally accepted accounting principles (gaap) are standard accounting rules defined by the financial accounting standard board (fasb) an independent organization. (cid:1)