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Contact us. Pasadena , United States. Contact form. Popular Cetegories. Although the precise meaning of these terms may be unfamiliar to you at this point, to become an active participant in the business world, you must gain a basic understanding of these and other accounting concepts. Our objective in this book is to provide those who both use and prepare accounting information with that basic understanding.
Information that is provided to external parties who have an interest in a company is sometimes referred to as financial accounting information. Information used internally by management and others is commonly referred to as managerial accounting information.
Whereas these two types of information have different purposes and serve different audiences, they have certain attributes in common. Financial accounting concepts are critical in order to understand the financial condition of a business enterprise. This may appear to be a simple process of keeping accounting records and preparing reports from those records, but a great deal of judgment is required. What information is particularly useful for management, but not appropriate for public distribution because of the potential competitive disadvantage that might result?
Business also has a responsibility to operate in a socially responsible manner and to balance its desire for financial success within this broader social responsibility. We begin our development of these ideas in this chapter, and continue their emphasis throughout this text.
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