Financial Accounting and Management: Terms and Concepts, Quizzes of Accounting

Download Financial Accounting and Management: Terms and Concepts and more Quizzes Accounting in PDF only on Docsity! TERM 1 financial accounting DEFINITION 1 info is reported at fixed intervals in general purpose financial statements (statements are prepared according to GAAP) TERM 2 shareholders, creditors, gov agencies, general public DEFINITION 2 financial accounting statements are used by external users such as the following: TERM 3 managerial accounting DEFINITION 3 info is designed to meet the specific needs of a company's mgmt and includes historical data, which provides objective measures of past operations, and estimated data, which provide subjective estimates about future decisions TERM 4 managerial accounting reports DEFINITION 4 don't always have to be:1. prepared according to GAAP2. prepared at fixed intervals3. prepared for the business as a whole TERM 5 organization chart DEFINITION 5 the operating structure of a company can be shown in an TERM 6 line department DEFINITION 6 is directly involved in providing goods or services to the customers of the company TERM 7 staff department DEFINITION 7 provides services, assistance, and advice to the departments with line or other staff responsibilities TERM 8 chief financial officer (CFO) DEFINITION 8 usually the highest accounting position in an organization TERM 9 controller DEFINITION 9 the chief mgmt accountant; reports directly to the CFO TERM 10 planning, directing, controlling, improving, decision making DEFINITION 10 5 phases of the mgmt process: