Managerial Accounting vs Financial Accounting

Primary users of the information are the internal users such as managers managerial Primary users of the information are the external users, such as creditors, stockholders, and government regulators Financial The purpose of the information Read more…

Financial Accounting Exam 1

creditors persons or entities to whom a company owes money amount owed to creditors liabilities note payable liability to the bank bonds payable debt securities sold to investors that must be repaid at a particular Read more…

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 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 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 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 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 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 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 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 Read more…

Financial Accounting vs. Managerial Accounting

mainly for external use financial mainly for internal use managerial helps external users make financial decisions financial helps managers make decisions, plan, direct, and control managerial driven by GAAP financial not driven by GAAP managerial Read more…

UF MBA financial accounting exam 1 terms

Adjusting Entries Entries that update account balances prior to preparing financial statements; a bookkeeping tool. Adjusting entries never affect cash account Assets Economic resources used to produce revenue which is expected to provide future benefit Read more…

Financial Accounting (Ch 1-4)

Creditor lender, money supplier Debitor person or organization who is in debt or under financial obligation to another Accounting a system that collects and processes financial information about an organization and reports that information to Read more…

Principles of Financial Accounting Chapters 1-4 Vocabulary

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 Read more…

Financial Accounting "Terms To Know"

Accounting This word is defined by the “basics of business” Accounting does this Identify, measure, and communicate business transactions is accomplished in this field of business Financial Accounting This is for outside users 3 basic Read more…

netflixer 1

Which of the following is NOT an area in which accountants usually practice? Industrial Accounting Managerial accountants usually do which of the following? establish accounting policies Identify which of the following are considered OUTSIDE users Read more…

ACCOUNTING 16

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT: b. be prepared in accordance with generally accepted accounting principles What is the primary criterion for the Read more…

Managerial Accounting Chapter 1

Managerial Accounting Focuses on providing internal mgmt. with information it needs to run the company efficiently and effectively (internal accounting) Controlling Comparing and evaluating actual results with planned results and taking corrective action Planning Setting Read more…

Learning about any topic is a complicated process. Most students take a lot of time and effort to get into the theme and realize it. The topic of financial accounting was never considered as easy, therefore, when studying this topic, it is necessary to resort to auxiliary techniques, teaching materials and also to the study guide. One of the most effective methods based on the use of flashcards.

This system is called Leitner system. This method includes interval repetitions, to more efficiently remember and repeat the required material. At the first time, a system appeared in the 1970th of the XX century, thanks to a German scientist, Sebastian Leitner, who described this technique in his work “How to learn to learn “. Flashcards have a small rectangular size, which can be made of cardboard or paper, or in an electronic version.

With the help of such information cards, it will be much easier to understand such areas as:

• Terminology. On testing, a large percentage of questions are given terms and concepts. The student must know the sense of a word that exists in accounting, as well as where it is applied. Cards are a great option for test help.

• Structure. Studying materialscontain a huge amount of explanations about how to properly write financial reporting, plan balance, cash flowsand earnings. Flashcards help to organize this data and keep in mind the basic essence of all kinds of documentation; they are also good in the preparation for the exam.

• The purpose of flashcards is to simplify learning materials, structure info, and improve student skills about the discipline of management.

Knowledge, which will be correctly placed in their places, will remain in memory for a long time. After studying with that system the student will be able to easily cope with the course and practical work, the subsequent training. And after taking an education he can use it in his future professional activities.