FINANCIAL ACCOUNTING
The McGraw-Hill Companies, Inc., 2001Irwin/McGraw-HillFINANCIAL ACCOUNTINGRobert LibbyPatricia A. LibbyDaniel G. Short The McGraw-Hill Companies, Inc., 2001Irwin/McGraw-HillChapter 1Financial Statements and Business Decisions The McGraw-Hill Companies, Inc., 2001Irwin/McGraw-HillThe Objectives of FINANCIAL AccountingFinancial statements are the primary means of communicating FINANCIAL information to parties outside the business SheetIncome StatementStakeholders The McGraw-Hill Companies, Inc., 2001Irwin/McGraw-HillBusiness BackgroundBusiness owners (called investorsor stockholders) look for two sources of possible gain:Sellownershipinterest in thefuture for morethan they aportion of thecompany s earnings in cash(dividends).
Managerial Accounting System (preparation of detailed plans, forecasts and reports). External Decision Makers (investors, creditors, suppliers, customers, etc.). Internal Decision Makers (managers throughout the ... accounting measurement rules. Responsibilities for the …
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