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4 Tutorials that teach Accounting in Practice
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Accounting in Practice

Accounting in Practice

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Author: Jere Smith
Description:
In this lesson, the student will learn about financial and managerial accounting and major roles in the field of accounting.
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Tutorial

Notes on “Accounting in Practice”

Key Terms

Financial Accounting

Branch of accounting focused on external reporting of financial status to provide information to decision makers and interested parties.

Managerial Accounting

Branch of accounting focused on internal reporting to assist internal management with decisions, structure and goals.

Shareholder

An individual or organization that legally owns one or more shares in a company.

Investor

An individual who has dedicated capital to a company with an expectation of a return on their investment.

Controller

Individual within an organization accountable for all aspects of financial reporting and accounting.

Accountant

A practitioner with acquired skills in the field of accountancy.

Bookkeeper

An individual who documents an organization's monetary transactions.

Auditor

An individual who conducts an objective appraisal of accounting processes and data within an organization.