ACCT 2000

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Author:
ndumas2
ID:
61677
Filename:
ACCT 2000
Updated:
2011-01-24 17:01:12
Tags:
ACCT
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Description:
Acct 2000 1st half
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  1. The purpose of accounting is to
    identify, record, and communicate the economic events of an organization to interested users
  2. The accounting process includes ...
    the bookkeeping function.
  3. Identify the users and uses of accounting
    • Internal users Management Human Resourses Finance Marketing
    • External users IRS Investors Labor unions Creditors SEC Customers
  4. What is Accounting
    identification- economic events (transactions)

    Recording- record classifiy and summarize

    Communication- prepare accounting reports
  5. Understand why ethics is a fundamental business concept
    Standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair, are Ethics.

    Effective financial reporting depends on sound ethical behavior.
  6. Explain generally accepted accounting principles and the cost principle
    • The accounting profession has attempted to develop a set of standards that are generally accepted and universally practiced
    • cost principle- dictates that companies record assets at their cost.
  7. Explain the monetary unit assumption
    • include in the accounting records only transaction data that can be
    • expressed

    in terms of money.

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