ACCT intro and Ch.1

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Author:
ballinbc14
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99310
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ACCT intro and Ch.1
Updated:
2011-09-01 11:28:33
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accounting intro chapter
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Description:
intro chapter and chapter 1 keynotes
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  1. What are the main summary accounting reports
    • balance sheet
    • income statement
    • cash flow statement
  2. This is an information system that generates financial information about a business that users rely on to make decisions.
    Accounting
  3. These are the resources and procedures in a business that change economic data into financial information.
    Accounting Information System
  4. This is the part of accounting that provides info to internal users
    Management Accounting
  5. This part of accounting provides info to external users
    Financial Accounting
  6. These people hope their investment value increases...includes
    Owners
  7. These lend money to a business
    Lendors (Creditors)
  8. these are basically unions
    Labor organizations
  9. These people want to know if the business leaders are ethical
    Society Groups
  10. Any organization for which financial and economic data is gathered and processed for the purpose of decision making
    Accounting entity
  11. These types of companies are owned by one person, whom is not a part of the business entity itself but takes responsibilities for its debts
    Single Proprietorship
  12. These companies are owned by multiple people who aren't considered a part of the business entity but are responsible for its debts
    Partnership
  13. These are legal entities issued a charter by a state. Owners can sell stock in the company and the company can live after the death of its founders. Even better, owners are in no way responsible for the debts and legalities incurred by the company
    Corporation
  14. This presents the results of operations for a period of time
    Income Statement
  15. These are the economic resources or items of value a business owns
    Assets
  16. What is the Assets equation?
    Assets = Liabilities + Owner's Equity
  17. These are claims against assets by creditors
    Liabilities
  18. This is the sum of all assets the owner claims to own
    Owner's Equity
  19. This is a period of 12 months that companies base their finacial reports on
    Fiscal Year
  20. An inflow of assets from the selling of goods or services is called
    revenue
  21. The difference between revenues and expenses is called
    net income/net loss

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