Financial Accounting Information As An Aid To Management Decision Making

CHAPTER ONE DEFINTION OF TERMS Financial Accounting: Financial accounting is concerned with the recording of transactions for a business enterprise or other economic units and the periodic preparation of various reports from such records. Financial accounting then can be said to be a systematic gathering, identifying, summarizing and reporting of business transactions in monetary terms such that it provides information which permits informed judgment by the users of such information. Information: These can be said to be facts needed or received by a person, or group of persons which i…