Chapter 1 — Role of Accounting in Society

Chapter Outline

• LO 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
• LO 1.2 Identify Users of Accounting Information and How They Apply Information
• LO 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
• LO 1.4 Explain Why Accounting Is Important to Business Stakeholders
• LO 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education