Healthcare

Test 1 Chapter 1-3

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Essential Characteristics of accounting

1) the identification, measurement, and communication of financial information

2) economic entities

3) interested parties

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financial accounting

the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties

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managerial accounting

the process of identifying, measuring, analyzing, and communication financial information needed by management to plan, control, and evaluate a company's operation

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most common financial statements

1) balance sheet, 2) income statement, 3)the statement of cash flows, 4) the statement of owner's or stockholder's equity

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financial reporting

examples include president's letter and supplementary schedules

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Capital Allocation Process

Financial Reporting->Users -> Capital Allocation

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Objectives of Financial Reporting

1) useful in investment and credit decisions, 2)useful in assessing cash flow prospects, 3) about company resources, claims to those resources, and changes in them

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accrual-based accounting

ensures that a company records events that change...