Outlines On Accounting Courses
Accounting is "the language of business," It forms the basis for finance and is based on a conceptual framework, with a set of principles and procedures. Accounting Careers compensate well and require mathmatical, analytical, communication and people skills.
Financial Accounting provides statements to outside users like banks, investors, creditors, and government. The balance sheet includes: Current assets (cash, accounts receivable, inventory) and long term assets (plant and equipment, which depreciate, intangibles), Liabilities are outside claims to the assets, both current and long term (leases, pensions, bonds). Equity is the owner's claim to the assets, and may pay a dividend. It takes resources to earn resources, and these activities are matched in an income statement. The statement of Cash flows shows how money flows through normal operations, asset purchases/sales (investing), and the acquisition of capital (financing).
If the company is public, then the statements must be audited.
Accounting for managers helps to run the business efficiently and effectively.