accounting in context Flashcards
1
Q
what is accounting
A
concerned with the provision of information about the position and performance of an enterprise that is useful to a wide range of potential users in making decisions
2
Q
how may the decisions of users of accounting info be economic or legal in nature
A
economic decisions: concerned with the allocation of resources
legal desicions: concerned with determining whether managers have made a good job of running a business on the owners’ behalf
