FNDH 426 Exam 1 | 100% Correct | Verified | 2024 Version

What groups typically need financial data and for what? - Owners- track investments Board of Directors- effectiveness of managers Managers- assess daily and long term ops Creditors- lend Independent review of accounting records - auditing determination and control of cost - cost accounting reporting transactions for an organization and preparing various reports from these records - financial accounting using historical and estimated financial data to assist in daily operations and in planning future operationgs - managerial accounting principles underlying preparation of financial statements, provide consistency to the preparation of financial statements - Generally Accepted Accounting Principles (GAAP) Concept where business enterprise is separate from person or persons who supply its assets, and the financial records of each are distinct - business entity concept what is the basic accounting equation - Assets = Liabilities + Owner's Equity What we owe and what we have - assets