Financial Accounting Chapter 1-6

Accounting A system of analyzing, recording, and summarizing the results of a business’s operating, investing, and financing activities and then reporting them to decision makers. Accounts A standardized format that organizations use to accumulate the dollar effects of transactions on each financial statement item. Balance Sheet (Statement of Financial Position) Read more…

Accounting Chapters 1 and 2

Discuss accounting as the language of business and the role of accounting information in making economic decisions Accounting is the means by which information about an enterprise is communicated and, thus, is sometimes called the language of business. Many different users have need for accounting information in order to make Read more…

Financial Accounting Chapter 3

Time Period Assumption Presumes that an organization’s activities can be divided into specific time periods such as a month, a three-month quarter, a six month interval, or a year Annual Financial Statements Reports covering a one-year period Interim Financial Statements Reports covering one, three, or six month of activity Fiscal Read more…

Accounting 241 Ch 1 HW Dallmus

Managerial Accounting Systems report on various segments or business units of the company When Managers evaluate the company’s performance compared to the plan, They are performing the controlling role of management Information on a company’s past performance is provided to External parties by financial accounting Managerial Accounting systems are chosen Read more…

Financial Accounting Chapters 1-4

Business Consists of all activities necessary to provide the members of an economic system with goods and services Sole Proprietorship Businesses owned and operated by one single owner Economic Entity Requires that a single indentifyable unit of organization be accounted for in all situations Partnership A business owned by two Read more…

BUSN Chapter 8

Accounting A system for recognizing, organizing, analyzing, and reporting information about financial transactions that affcet an organization Who are the 6 key users of accounting information? 1. managers 2. stockholders 3. employees 4. creditors 5. suppliers 6. government agencies What other types of people may be using accounting information? The Read more…

Financial Accounting I Final Exam

Accounting is an information measurement system that… Identifies, records and communicates information about business activities by interpreting info and designing info systems to allow business to make better decisions The Accounting Equation is… Assets=Liabilities + Owner’s Equity $100 = $10 + $90 Assets Everything a company owns Accounts Receivable Assets Read more…

CH 1

What is the function and primary focus of financial accounting? Financial accounting is concerned with providing relevant financial information about various kinds of organizations to different types of external users. The primary focus of financial accounting is on the financial information provided by profit-oriented companies to their present and potential Read more…

Financial Accounting Vocabulary

Accounts Payable A liability backed by the general reputation and credit standing of the debtor. Accoutning The information system that measures business activities, processes that information into reports and financial statements,and communicates the results to decision makers. Accounting Equation The most basic tool of accounting: Assets = Liabilities + Owners’ Read more…

Day 11 (Managerial Accounting)

ALL DEFINITIONS AND STUFF IS FROM THE TEXTBOOK This should act as a citation so I don’t get screwed for copying from the textbook Managerial Accounting Type of accounting that focuses on providing internal management with information needed to run the company efficiently and effectively. The rule that drives managerial Read more…

Managerial Accounting

Planning The process of setting goals and making plans to achieve them Strategic plans Sets firm’s long term directions Budget Short term planning more operational Control Process of monitoring planning decisions and evaluate an orgs activities and employees Feedback Provided by the control function allows managers to revise their plan. Read more…

Financial Accounting

Accounting System that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting entity Is the organization for with financial data are to be collected. The four basic statements: 1. Balance Sheet 2. Income Statement 3. Statement of Retained Earnings Read more…

Financial Accounting – Chapter 1

Financial accounting Area of accounting aimed mainly at serving external investment and credit decisions. Management accounting The branch of accounting that focuses on information for internal decision makers of a business. Financial reporting A broad term that describes all information provided to external users, including but not limited to financial Read more…

Accounting Cheat Sheet

balance sheet reports the amounts of *assets*, *liabilities*, and *stockholders’ equity* at a *specified moment*, such as midnight of December 31 income statement reports *revenues*, *expenses*, *gains*, *losses*, and *net income* during the *period of time stated in its heading* statement of cash flows reports the changes in cash and Read more…