FABM Flashcards
involves in the selection of economic events which are important to a particular bus. transactions
identifying
the act of keeping a chronoligal record of events that are measurable
recording
refers to the process of communicating financial reports to the users of financial informationn
communicating
these are the individuals or organization outside the company
external users
creditors, tax authorities, investors,, customers, and regulatory authorities
external users
users who need accounting information to determine the credit intergrity
creditors
a government agencies that verifies tha accuracy of financial data
tax authorities
users who need accounting information to evaluate and to examine the feasibility of invesying a company
investors
users who evaluate the financial information of its supplier to keep stable source od supply
customers
government agencies such as SEC, DTI
regulatory autoritiesi
individuals inside the organization who plan organzie and run the business
internal users
management, employees, owners
types of internal users
they also analyze the organizations performance and position
management
for job security, they use financial information as factor to considering in staying employmenent
employees
they use financial information to know the profit or income for the period
owners
