Lo Ppt01

Uses of Accounting

Information and the Financial Statements

Multimedia Slides by: Gail A. Mestas, MAcc, New Mexico State University

Chapter 1

Gateway_User

Change book cover to POA

Copyright © Houghton Mifflin Company. All rights reserved. 1–2

Learning Objectives

1. Define accounting, identify business goals and activities, and describe the role of accounting in making informed decisions.

2. Identify the many users of accounting information in society.

3. Explain the importance of business transactions, money measure, and separate entity to accounting measurement.

4. Identify the three basic forms of business organization


Learning Objectives (cont’d)

5. Define financial position, state the accounting equation, and show how they are affected by simple transactions.

6. Identify the four financial statements.

7. State the relationship of generally accepted accounting principles (GAAP) to financial statements and the independent CPA’s report, and identify the organizations that influence GAAP.

8. Define ethics and describe the ethical responsibilities of accountants.


Accounting as an Information System

• Objective 1– Define accounting, identify business goals

and activities, and describe the role of accounting in making informed decisions


Accounting

… is an information system thatmeasuresprocesses

communicatesfinancial information

about an identifiable, economic entity


Accounting

…supplies the informationdecision makers need to make

reasoned choicesamong alternative uses of

scarce resourcesin the conduct of business and

economic activities

Gail Mestas

I have inconsistently used red or blue to highlight text throughout this chapter. It doesn't matter what color is used ultimately, however, if two both red and blue appear in the same slide, two different highlight colors should be used in that slide


Accounting …

• Is a link between business activities and decision makers – Decision makers use accounting

information to make informed decisions about available alternatives

• Measures business activities by recording data about them for future use

• Is communicated to decision makers through reports


Accounting as an Information System

Input Output

Accounting System

Gateway_User

Replace with updated artwork from Principles of Accounting, Needles, Chapter 1, Figure 1, 2005eIf possible, I would like components to appear separately upon mouse click as follows:1. Accounting system text box with brown background box and no artwork2. Input text box with Business Activities box and Data arrow3. Measurement box4. Arrow from Measurement box to Processing box and Processing box5. Arrow from Processing box to Communication box and Communication box6. Information arrow, Decision Makers box and Output text box


Business Goals, Activities, and Performance Measures

• Business

– An economic unit that aims to sell goods

and services to customers at prices that

will provide an adequate return to its

owners


Business Goals

• Profitability– The ability to earn enough income to

attract and hold investment capital

• Liquidity– Having enough cash available to pay debts

when they are due


Business Activities

• Financing Activities

• Investing Activities

• Operating Activities


Financing Activities

• Activities associated with obtaining adequate funds, or capital, to begin and continue operations– Owner investments

– Paying a return to owners

– Obtaining loans from creditors

– Repaying amounts to creditors, plus interest


Investing Activities

• Activities associated with spending funds to begin and continue operations– Buying resources such as land, buildings,

and equipment needed in the operation of the business

– Selling these resources when no longer needed


Operating Activities

• Activities associated with the course of running a business– Selling goods and services

– Employing managers and workers

– Buying goods and services

– Paying taxes


Performance Measures

• Indicators – Used to determine whether

1. Managers are achieving their business goals

2. Business activities are well managed

• Include– Earned income

– Cash flow

– Ratio of expenses to revenue

– Ratio of money owed to total resources controlled


Financial and Management Accounting

• Accounting’s role is divided into two categories

1. Management accounting

2. Financial accounting

• The functions of both categories overlap

• Primary difference between the two is the principal users of the information


Management Accounting

• Focuses on internal decision makers– Managers and employees

• Reporting format is flexible and based on the type of information needed, such as budgets and sales forecasts

• Used to report past performance and expected future performance


Financial Accounting

• Focuses on external decision makers– Stockholders

– Banks and other creditors

– Government regulators

• Financial information of company is reported in the financial statements– Used to report directly on goals of

profitability and liquidity


Bookkeeping versus Accounting

Bookkeeping

– Repetitive, mechanical process of recording financial transactions and keeping financial records

Accounting

– Bookkeeping a small part of accounting

– Includes design of an information system to meet users’ needs

– Goals include the analysis, interpretation, and use of information


Processing Accounting Information

Ways in which accounting information is processed:

BookkeepingComputer

Management information system (MIS)

MIS– Provides information needed to run a business– Consists of interconnected subsystems– Most important subsystem is the accounting

information system


Discussion

Q. What is the difference between profitability and liquidity?

A. Profitability• Earning enough income (revenues minus

expenses) to attract and hold investors

Liquidity • Having enough funds available (cash) to pay

debts when they are due


Decision Makers:The Users of Accounting Information

• Objective 2– Identify the many users of accounting

information in society


Decision Makers

… fall into three categories

1. Those who manage a business– Finance– Investment– Operations and Production– Marketing– Human Resources– Information Systems– Accounting


Decision Makers (cont’d)

2. Those with a Direct Financial Interest– Investors

– Creditors

3. Those with an Indirect Financial Interest– Tax Authorities

– Regulatory Agencies

– Labor Unions

– Financial Advisors

– Customers

– Economic Planners


Management

• Managers are internal users of accounting information– Make key decisions using accounting information

– Basic management functions require accounting information for decision making

• Financing the business

• Investing resources

• Producing goods and services

• Marketing goods and services

• Managing employees

• Providing information to decision makers


Users With a Direct Financial Interest

… are external users of accounting information

• Investors– Put money into a business in order to

make money (by purchasing and selling stocks and receiving dividends)

– Use financial statements to judge the prospects for profitable investments


Users With a Direct Financial Interest (cont’d)

• Creditors– Loan money to a business in order to make

money (by charging interest)

– Use financial statements to judge whether a company will have enough cash to

• Pay interest charges

• Repay debt at appropriate time


Users With an Indirect Financial Interest

… are external users of accounting information

• Tax authorities– Use accounting information to determine amount

of tax due

– Procedures for tax reporting mandated by law

• Government regulatory agencies– Federal, state, and local levels

– Securities and Exchange Commission (SEC)• Regulates the issuing, buying, and selling of stocks in

the U.S.


Users With an IndirectIndirect Financial Interest (cont’d)

• Other groups– Labor unions

– Those advising investors and creditors• Financial analysts and advisors

• Brokers

• Underwriters

• Lawyers

• Financial press

– Consumer groups

– Customers

– General public

– Economic planners


Government and Not-for-Profit Organizations

• Include– Hospitals

– Universities

– Professional organizations

– Charities

• Have the same categories of decision makers as profit-oriented organizations– Managers

– Those with a direct financial interest

– Those with an indirect financial interest


Discussion

Q.How do management accounting and financial accounting differ?

–Focus on internal users

–Focus on external users as well as internal users–Specific information

–All types of information

–Communicated in financial statements

–Communicated in format most suitable to purpose

Financial Accounting

A. Management Accounting


Accounting Measurement

• Objective 3– Explain the importance of business

transactions, money measure, and separate entity to accounting measurement


Accounting Measurement

Four Basic Questions

1. What is measured?• Business transactions affecting the

financial position of the business entity

2. When should the measurement be made?• Discussed in Chapter 2, The

Recognition Issue


Accounting Measurement (cont’d)

3. What value should be placed on what is measured?• Discussed in Chapter 2, The Valuation

Issue

4. How should what is measured be classified?• Discussed in Chapter 2, The

Classification Issue


Business Transactions

… are economic events that affect the financial position of a business entity

– Involve an exchange of value• Purchase• Sale• Payment• Collection

– Events that have the same effect as an exchange of value

• Loss from fire, flood, theft• Physical wear and tear on equipment• Accumulation of interest


Money Measure

• Recording of all business transactions in terms of money

• Money is the only factor common to all business transactions

• Basic unit of money determined by the country in which business resides

• Exchange rates are used to translate transactions from one currency to another


Money Measure (cont’d)

• Exchange Rate– The value of one currency in terms of another

– Changes daily

• Example:– Assume the price of one British pound is 1.61 U.S.

dollars. How many British pounds would one U.S. dollar buy?

1 British pound ÷ 1.61 U.S. dollars

= 0.62 British pounds per U.S. dollar

Gateway_User

Please update with new figures


Separate Entity

• A business is distinct from its– Owner(s)

– Creditors

– Customers

• Its financial records and reports should refer only to its own financial affairs


Q. Identify each of the following as most closely related to a

Discussion

a) business transaction,

b) separate entity, or

c) money measure

1. Partnership

2. U.S. dollar

3. Payment of an expense

4. Corporation

5. Sale of an asset

(b)

(c)

(a)

(b)

(a)


Forms of Business Organization

• Objective 4– Identify the three basic forms of business

organization


Forms of Business Enterprises

• Three basic forms of business enterprises– Sole proprietorship

– Partnership

– Corporation


Separate Entities

• All three forms of businesses are economically separate entities from their owners– Financial records and reports refer to the

financial affairs of the business only

• Only the corporation is a legally separate entity from its owners


Sole Proprietorships

• Business owned by one person – The owner

• Receives all profits or losses

• Is liable for all obligations of the business

• Not incorporated

• Life of business ends when the owner– Decides to stop operating business

– Dies

– Is incapacitated


Partnerships

• Business owned by more than one person – The partners share all profits or losses according

to an agreed upon formula

– At least one partner is liable for all obligations of the business

• Not incorporated

• Life of business ends when – Ownership changes

• A partner leaves the business or dies

• A new partner is admitted


The Corporation as a Separate Entity

• Legally and economically separate from its owners– Business unit chartered by the state and legally

separate from owners (incorporated)

– Owners (stockholders) do not directly control operations

– Elected board of directors run the corporation

– Owners’ risk of loss limited to amount paid for shares of stock – owners are not liable for the obligations of the business


Sole Proprietorships and Partnerships versus Corporations

Sole Proprietorships and Partnerships Corporations

• Separate economic entity

• Not separate legal entity

• Owner(s) directly control operations

• No economic separation between owner(s) and the business – owners liable for obligations of the business

• Ownership cannot be transferred

• Life of business is limited

• Separate economic entity

• Separate legal entity

• Owner do not directly control operations – elected board of directors runs corporation

• Owner’s risk of loss (liability) limited to amount paid for shares of stock

• Ownership can be transferred

• Life of business is unlimited


Discussion

Q. How do a sole proprietorship, partnership, and corporation differ?

A. Sole proprietorshipB. One owner

– OOwner legally obligated to pay company liabilities

Partnership– MMultiple owners (partners)– PPartners legally obligated to pay company liabilities

Corporation– OOwned by stockholders– SStockholders not legally obligated to pay company

liabilities


Financial Position and the Accounting Equation

• Objective 5– Define financial position, state the

accounting equation, and show how they are affected by simple transactions


Financial Position

The economic resources that belong to a company

and the claims against those resourcesat a point in time

Economic Resources = Equities


Developing the Accounting Equation

Economic Resources = Equities

Two types of equitiesCreditor’s equities and owner's equities, therefore,

Economic Resources = Creditor’s Equities + Owner’s Equities

In accounting terminologyEconomic resources are called assetsCreditor’s equities are called liabilities

Assets Liabilities


Accounting Equation

Assets = Liabilities + Owner’s EquityTwo sides of equation are always in balance

• Assets– Economic resources owned by a company that are expected

to benefit future operations

• Liabilities– Obligations of a business to pay cash, transfer assets, or

provide services to other entities in the future

– Represent claims of creditors to the assets of the business

• Owner’s Equity– Represents the claims by owners to the assets of the

business


Owner’s Equity

• Equals the residual interest in a company’s assets after deducting all liabilities

• Also called residual equity or net assets

• Defined by rearranging the accounting equation

Assets = Liabilities + Owner’s Equity

Owner’s Equity = Assets – Liabilities


Transactions That Affect Owner’s Equity

• Owner’s investments– Assets the owner puts into the business

• Owner’s withdrawals– Assets the owner takes out of the business

• Revenues– Increases in owner’s equity that result from

operating a business

• Expenses– Decreases in owner’s equity that result from

operating a business


Illustrative Transactions for Shannon Realty

Effects of Transactions on the Accounting Equation


Assets = Liab. + Owner’s Equity

CashJohn Shannon,

Capital 1.+$50,000 +$50,000

A = $50,000 L + OE = $50,000

Owner’s Investments

1. Deposited $50,000 in a bank account in the name of Shannon Realty

Notice that the accounting equationAssets = Liabilities + Owner's Equity, or

A = L + OE,is always in balance



CashJohn Shannon,

CapitalBuildingLand 1. $50,000 $50,000 2. -35,000 + $10,000 +$25,000

A = $50,000 L + OE = $50,000

bal. $15,000 $10,000 $25,000 $50,000

Purchase of Assets with Cash

2. Purchased a lot for $10,000 and a small building on a lot for $25,000

This transaction only affects one side of the accounting equation – Assets

Whenever a transaction affects only one side of the accounting equation, the total on each side of the equal sign remains unchanged



CashJohn Shannon,

CapitalSupplies BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. +$500 +$500

A = $50,500 L + OE = $50,500

bal. $15,000 $500 $10,000 $25,000 $500 $50,000

Purchase of Assets by Incurring a Liability

3. Purchased office supplies for $500 on credit



CashJohn Shannon,

CapitalSupplies BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200

A = $50,300 L + OE = $50,300

bal. $14,800 $500 $10,000 $25,000 $300 $50,000

Payment of a Liability

4. Paid $200 of the $500 owed for supplies



CashJohn Shannon,

CapitalSupplies BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. +1,500 +1,500

A = $51,800 L + OE = $51,800

bal. $16,300 $500 $10,000 $25,000 $300 $51,500

Revenues

5. Earned and received a commission of $1,500 in cash



CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. +$2,000 +2,000

A = $53,800 L + OE = $53,800

bal. $16,300 $2,000 $500 $10,000 $25,000 $300 $53,500

Revenues

6. Earned a commission of $2,000 to be received at a later date



CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. $2,000 2,000 7. +1,000 -1,000

A = $53,800 L + OE = $53,800

bal. $17,300 $1,000 $500 $10,000 $25,000 $300 $53,500

Collection of Accounts Receivable

7. Received $1,000 from client for commission earned earlier in the month


Expenses


CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. $2,000 2,000 7. 1,000 -1,000 8. -1,000 -1,000

A = $52,800 L + OE = $52,800

bal. $16,300 $1,000 $500 $10,000 $25,000 $300 $52,500

8. Paid $1,000 to rent equipment for office


Expenses


CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. $2,000 2,000 7. 1,000 -1,000 8. -1,000 -1,000 9. -400 -400

A = $52,400 L + OE = $52,400

bal. $15,900 $1,000 $500 $10,000 $25,000 $300 $52,100

9. Paid $400 in wages to part-time helper


Expenses


CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. $2,000 2,000 7. 1,000 -1,000 8. -1,000 -1,000 9. -400 -40010. +300 -300

A = $52,400 L + OE = $52,400

bal. $15,900 $1,000 $500 $10,000 $25,000 $600 $51,800

10. Recorded utilities expense of $500 incurred in December but not yet paid


Owner’s Withdrawals


CashJohn Shannon,

CapitalSuppliesA/R BuildingLand A/P 1. $50,000 $50,000 2. -35,000 $10,000 $25,000 3. $500 $500 4. -200 -200 5. 1,500 1,500 6. $2,000 2,000 7. 1,000 -1,000 8. -1,000 -1,000 9. -400 -40010. 300 -30011. -600 -600

bal. $15,300 $1,000 $500 $10,000 $25,000 $600 $51,200

A = $51,800 L + OE = $51,800

11. Withdrew $600 in cash from Shannon Realty and deposited it in a personal account


Discussion

Q. What does the accounting equation represent?

and the claims against those resources

at a point in time

A. The economic resources owned by a company

Assets = Liabilities + Owner’s Equity


Communications Through Financial Statements

• Objective 6– Identify the four financial statements


Communications Through Financial Statements

• Four Major Financial Statements– Income Statement

– Statement of Owner’s Equity

– Balance Sheet

– Statement of Cash Flows


Income Statement

• Summarizes revenues earned and expenses incurred over a period of time

• Dated “For the Month Ended …”

• Purpose to measure a company’s performance over a period of time

• Shows whether or not a company achieved its profitability goal


Income Statement (cont’d)

• Considered by many to be most important financial statement

• Also called the capital statement

• First financial statement to be prepared in a sequence

• Net income figure used to prepare statement of owner’s equity


Income Statement

Shannon Realty Income Statement

For the Month Ended December 31, 20xx Revenues Commissions earned $3,500 Expenses Equipment rental expense $1,000 Wages expense 400 Utilities expense 300 Total expenses 1,700 Net income $1,800

Net income figure used to prepare

statement of owner’s equity

Date reflects revenues and expenses incurred over a period of time


Statement of Owner’s Equity

• Shows changes in owner’s equity over a period of time


• Uses net income figure from income statement

• End of period balance in Capital account used to prepare balance sheet


Statement of Owner’s Equity

Shannon Realty

Statement of Owner’s Equity For the Month Ended December 31, 20xx

John Shannon, Capital, December 1, 20xx $ 0 Add: Investments by John Shannon $50,000 Net income for the month 1,800 51,800 Subtotal 51,800 Less: Withdrawals by John Shannon 600 John Shannon, Capital, December 31, 20xx $51,200

Date reflects changes in John Shannon, Capital, over a period of time

Net income figure from income statement

Ending balance of John Shannon, Capital, used to prepare the balance sheet


Balance Sheet

• Shows the financial position of a company on a certain date

• Dated as of a certain date

• Also called the statement of financial position

• Presents view of business as holder of assets that are equal to the claims against those assets

• Claims consist of liabilities and owner’s equity


Balance Sheet

Shannon Realty Balance Sheet

December 31, 20xx

Assets Liabilities Cash $15,300 Accounts payable $ 600 Accounts receivable 1,000 Supplies 500 Owner’s Equity Land 10,000 Building 25,000 John Shannon, Capital 51,200

Total assets

$51,800 Total liabilities

and owner’s equity

$51,800

Date reflects account balances as of a certain date

Balance in Cash account used in statement of cash flows

John Shannon, Capital, from statement of owner’s equity


Statement of Cash Flows

• Shows cash flows into and out of a business over a period of time


• Focuses on whether the business met its liquidity goal

• Explains how the Cash account changed during the period


Statement of Cash Flows

Shannon Realty Statement of Cash Flows

For the Month Ended December 31, 20xx Cash flows from operating activities Net income $ 1,800 Adjustments to reconcile net income to net cash

flows from operating activities

Increase in accounts receivable ($1,000) Increase in supplies (500) Increase in accounts payable 600 (900) Net cash flows from operating activities $ 900 Cash flows from investing activities Purchase of land ($10,000) Purchase of building (25,000) Net cash flows from investing activities (35,000) Cash flows from financing activities Investments by John Shannon $50,000 Withdrawals by John Shannon (600) Net cash flows from financing activities 49,400 Net increase (decrease) in cash $15,300 Cash at beginning of month 0 Cash at end of month $15,300

Begins with net income from income statement

Cash at end of month same as Cash account balance on balance sheet

Date reflects cash flows over a period of time


Discussion

Q. The balance sheet is often referred to as the statement of financial position. What does financial position mean?

A. Financial position is the resources, or assets, owned by a business as of a certain date

These resources are offset by claims against them and stockholders’ equity, as shown on the balance sheet


Generally Accepted Accounting Principles

• Objective 7– State the relationship of generally accepted

accounting principles (GAAP) to financial statements and the independent CPA’s report, and identify the organizations that influence GAAP


Generally Accepted Accounting Principles (GAAP)

• The conventions, rules, and procedures necessary to define accounting practice at a particular time

• Developed to provide guidelines for financial accounting

• Are altered as better methods evolve or circumstances change


• Examination of a company's financial statements

• Prepared by independent certified public accountant (CPA)

• CPA should have no compromising ties with company

• Ascertains that financial statements prepared in accordance with GAAP

• Implies that investors and creditors can rely on financial statements

• Summary of financial affairs of a business

• Prepared by management of company

• Management has an interest in company performance; not independent

• Should be prepared in accordance with GAAP

Financial Statements, GAAP, and the Independent CPA’s Report (Audit)

Financial Statements Audit


Organizations That Influence Current Practice

• Financial Accounting Standards Board (FASB)

– Most important body for developing and issuing rules on accounting practice

– Issues Statements of Financial Accounting Standards (SFAS)

• American Institute of Certified Public Accountants (AICPA)

– Professional association of certified public accountants

– Influences accounting practice through activities of senior technical committees


Organizations That Influence Current Practice (cont’d)

• Securities and Exchange Commission (SEC)

– Federal agency set up to protect the public by regulating the issuing, buying, and selling of stocks and bonds

– Has legal power to set and enforce accounting policies for companies whose securities are offered for sale to the general public

• Government Accounting Standards Board (GASB)

– Established under same governing body as Financial Accounting Standards Board (FASB)

– Responsible for issuing accounting standards for state and local governments


Organizations That Influence Current Practice (cont’d)

• International Accounting Standards Board (IASB)– An independent board, cooperating with national accounting

standard setters, to develop high quality, understandable, and enforceable global accounting standards

– Has published over 30 standards in a series of pronouncements called International Financial Reporting Standards (IFRS)

• Internal Revenue Service (IRS)– Branch of the Department of Treasury

– Administers the Internal Revenue Code enacted by Congress

– Interprets and enforces U.S. tax laws governing the assessment and collection of revenues from income taxes


Discussion

Q. What are GAAP?

A. Generally accepted accounting principles

The conventions, rules, and procedures necessary to define accounting practice at a particular time

Q. What organization has the greatest influence on GAAP?

A. Financial Accounting Standards Board (FASB)


Professional Ethics and the Accounting Profession

• Objective 8– Define ethics and describe the ethical

responsibilities of accountants


Ethics

… is the code of conduct that applies to everyday life

• Addresses whether actions are right or wrong

• Ethical actions are the product of individual decisions

• Certain actions may be unethical but not illegal


Professional Ethics

… is the code of conduct that applies to the practice of a profession

• Accountants have a responsibility to their employers, clients, and society to uphold highest ethical standards

• AICPA and each state have adopted codes of professional conduct for certified public accountants


Ethical Principles

• Integrity– Requires honesty, frankness, and placing service

and public trust before personal gain

• Objectivity– Requires impartiality and intellectual honesty

• Independence– Requires that an accountant avoid all relationships

that impair, or appear to impair, his or her objectivity


Ethical Principles (cont’d)

• Due care– Accountants required to carry out

professional responsibilities competently and diligently


Institute of Management Accountants (IMA)

• Code of Professional Conduct for Management Accountants– Emphasizes:

• Competence

• Confidentiality

• Integrity

• Independence

• Objectivity


Discussion

Q. To whom do accountants have an ethical responsibility?

A. Employers

Clients

Society

Q. What does due care mean?A. The act of carrying out professional

responsibilities with competence and diligence


Time for Review

1. Define accounting, identify business goals and activities, and describe the role of accounting in making informed decisions

2. Identify the many users of accounting information in society

3. Explain the importance of business transactions, money measure, and separate entity to accounting measurement

4. Identify the three basic forms of business organization


5. Define financial position, state the accounting equation, and show how they are affected by simple transactions

6. Identify the four financial statements

7. State the relationship of generally accepted accounting principles (GAAP) to financial statements and the independent CPA’s report, and identify the organizations that influence GAAP

8. Define ethics and describe the ethical responsibilities of accountants

and Finally …

Lo Ppt01

Education

role of accounting

accounting equation

financial records accounting

economic activities

conduct of business

performance measures

business goals profitability

information decision