BUS 082 Chapter Notes - Chapter 12: Financial Accounting, Management Accounting, European Cooperation In Science And Technology

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: Porterfield

Document Summary

Information systems that measures business activities, processes information, and communicates financial information. External users make decisions about the entity. Provides financial statements that report results of operations, financial position, General purpose, broad overview, subject to accounting standards and regulations, and cash flows both to managers and external stakeholders mainly historical, focus on objective and verifiable data. Internal users make decisions for the entity. Concerned with providing managers with information required for day-to-day. Managers must plan (choose goals and decide how to achieve them) and control. Specific purpose, detailed, conducted whenever necessary, can contain non- operations carefully (implement plans and evaluate operations) running of the business financial information. Fixed stay the same when the volume of activity changes. Are likely to change as a result of inflation or general price increases. May increase in long term with output to allow for more production. Sometimes same per variable cost unit of production, sometimes higher volumes.