Financial Accounting Chapter 1

Stockholders investors Creditor lenders (banks) – make money on loans by charging interest Dividends cash payments that stockholders hope to receive; a portion of what the company earned Internal Decision Makers managers – need info about the company’s business activities to manage the operating, investing, and financing activities of the Read more…

Financial accounting chapters 5-8

Perpetual inventory system keeps a running computerized record of merchandise inventory Purchase of merchandise inventory Merchandise inventory DB cash or accounts payable CD purchase return cash or accounts payable DB merchandise inventory CD payment of freight in merchandise inventory DB cash CD payment with in discount period accounts payable DB Read more…

Accounting-Managerial v.s. Financial

Managerial accounting is directed towards: providing information and analysis to managers inside an organization. Activities performed by managerial accountant include: 1. Determining the cost of providing a service or making a product 2. Assist management in profit planning and formalizing the plans into budgets 3. Determine the behavior of costs Read more…

Financial Accounting

accounting equation Assists = liabilities + stockholders equity -referred to as fundamental model of business valuation revenues sales of goods or services to customers net income revenue-expenses financial statements a companies primary way of communicating to external users income statement a company’s timely report of expenses and revenues the two Read more…

Managerial Accounting Chapter 1

Managers Responsibilities Planning, Directing, Controlling Planning sets goals and objectives ex. generate more sales>open a new store Directing overseeing day-to-day operations ex. use cost report to adjust material usage Controlling evaluate results and make adjustments Managerial accounting differs from financial accounting in that managerial accounting emphasizes data relevance over data Read more…

Financial Accounting Ch. 1-3

accounting information system that identifies, records, and communicates the economic events of an organization annual report report prepared by corporate management that presents financial information and an independent auditor’s report Assets Resources owned by a business Auditor’s report A report prepared by an independent outside auditor stating the auditor’s opinion Read more…

Principles of Financial Accounting Chapter 1

Accounting Information and measurement system that identifies, records, and communicates relevant information about a company’s business activities. Accounting Equation Equality involving a company’s assets, liabilities, and equity; Assets = Liabilities + Equity Assets Resources that a company owns or controls that are expected to provide current and future benefits to Read more…

Managerial and Financial Accounting Differences

Managerial Internal reporting and decision making Financial External reporting Financial Historical information Managerial Future Decision Making Managerial Emphasizes relevance Financial Emphasizes verifiability Financial Precision Managerial Timeliness Financial GAAP Managerial not required Financial Company wide reporting Managerial Segement reporting

Business Law 1-6

Constitutional Law Law that involves the interpretation and application of the U.S. Constitution and state constitutions Statutory Law the body of laws created by legislative statutes. None of these laws can violate the U.S constitution Administrative Law the body of rules and regulations and orders and decisions created by administrative Read more…

IMBA International Business Law

Law rules of order that dictate some minimum expectation for how to live in a society for civility and reduced chaos with reasonable protections of rights and minimal interference of others rights Burden of Proof (2) obligation to prove one’s assertion, always rests on plaintiff Types of Law (2) criminal, Read more…

Business Law Chapters 11-19

Promisor Person making the promise Promisee Person to whom the promise is made Objective Theory of Contracts intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions Requirements of a valid contract Agreement, Read more…

Business Law

The characteristics of the law is that the law is: Powerful, Important, & Fascinating The sources of contemporary law is the: US Constitution, State Constitution, Statute, Common Law, Administrative, Treaties and Executive order The reason why one bothers with ethics is because: Society as a whole benefits by encouraging economic Read more…