BMGT 220 Chapter Notes - Chapter 1: Delta Air Lines, Victoria Medal Of Honour, Accounting Equation
4 Sep 2018
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Chapter 1 - introduction to accounting and business. Organization in which basic resources (inputs), such as materials/labor, are assembled and processed to provide goods/services (outputs) to customers. Difference between the amounts received from customers for goods/services and amounts paid for the inputs used to provide the goods/services. Provide services rather than products to customers. Sell products they purchase from other businesses to customers. Change basic inputs into products that are sold to customers. Provide information for managers to use in business operations. Provides information for other users in assessing economic performance/condition of business. Information system that provides reports to users about the economic activities/condition of a business. Design the accounting information system to meet users" needs. Record economic data about business activities and events. Area of accounting that provides internal users with information. Internal users of accounting information = managers/employees. Objective = provide relevant/timely information for decision-making needs (usually involving sensitive information).
