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Busn 5200 Homework Week 2

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BUSN 5200 Homework | Week 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Question 1 | | | Accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements.
Accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | The work that accountants do is divided into three broad fields:
1. Financial Accounting consists of the process that results in the preparation and reporting of financial statments. The Bookkeeping activity is an important subdivision of financial accounting. Bookkeeping is the process of accumulating the financial results of an entity's activities.
2. Managerial Accounting consists of the use of economic and financial information to plan and control many activities of the entity and to support the management decision-making process. Cost Accounting is a subset of managerial accounting that is involved with the determination and accumulation of product or service costs.
3. Auditing, or Public Accounting is the function in which a firm's financial statements are reviewed or examined by an independent third party (the auditor). Public accounting firms and individual certified Public Accountants (CPAs) provide this auditing service.
The work that accountants do is divided into three broad fields:
1. Financial Accounting consists of the process that results in the preparation and reporting of financial statments. The Bookkeeping activity is an important subdivision of financial accounting. Bookkeeping is the process of…...

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