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Accounting Overview

Dive into the fundamentals of financial and managerial accounting, exploring basic financial statements, GAAP compliance, and internal decision-making insights. Learn about income statements, balance sheets, and cash flow statements, essential for investors and managers alike.

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Accounting Overview

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  1. Accounting Overview • Financial Accounting • Managerial Accounting • Basic Financial Statements

  2. Financial Accounting • For users outside of the company or organization • Primarily investors and others • Statements must follow GAAP • Generally audited

  3. Managerial Accounting • Information for internal decision making • General users are managers and other decision makers • Information must be useful • Commonly based on the company’s budget

  4. Basic Financial Statements • Income statement • Balance sheet • Statement of cash flows • Related footnotes

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