Chapte 1 SLOs: Accounting - Information for Decision Making 1. Discuss accounting as the language of business and the role of accounting information in making economic decisions. 2. Explain the differences between financial managerial, and tax accounting. 3. Explain the importance of accounting information for both external and internal parties in terms of the objectives and the characteristics of that information. 4. Identify and discuss several professional organizations & related acronyms that play important roles in preparing and communicating accounting information (SEC, FASB, AICPA, GAAP, IFRS & IASB). 5. Discuss the importance of personal competence, professional judgement, and ethical behavior on the part of accounting professionals. 6. Explain the various career opportunities in accounting. 7. Understand how to convert economic business activities into useful accounting information in order to be used to make good future economic decisions in business. Not all economic activities have a standard response; many require an accounting judgement. (Study Exhibit 1-1; p5) 4. Identity and discuss several professional organizations & related acronyms that play important roles in preparing and communicating accounting Information (SEC, FASB, AICPA, GAAP, IFRS & IASB). 5. Discuss the importance of personal competence, professional judgement, and ethical behavior on the part of accounting professionals. i n roor Annartunities in accounting