Overview of accounting
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Written by:
Monica O
Date added:
December 4, 2013
Level:
University
Grade:
A
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Oliver Wendell once said, 'The significance of facts is more important than the facts themselves, and if accountants know the significance, people may even forget the facts' (Coleman, 1949, 1). One of the most valuable services that accounting can give to management is to help accomplish their objectives by preparing and interpreting essential data...
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Financial statements and managerial reports are most often used by accountants to share pertinent facts that may be useful when the time to make important decisions arrives (Coleman, 1949, 1).
Audiences, Purposes, and Natures of Financial Statements
Managers, CEO's, business owners, and other high end officials who make major decisions for their companies, investors, potential investors, creditors, anyone with a stake in the company, or anyone who whishes to put a stake in the company are the chief audience for financial statements and managerial reports...
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