ACCT-607 Class 1 Notes.docx - The Accounting System Financial Accounting for External Users o Creditors o Investors Managerial Accounting for Internal

ACCT-607 Class 1 Notes.docx - The Accounting System...

This preview shows page 1 - 2 out of 2 pages.

The Accounting System Financial Accounting for External Users o Creditors o Investors Managerial Accounting for Internal Users o Managers Securities Act of 1933 and Securities and Exchange Act of 1934 FASB and GAP (USA) International Accounting Standards Board – IFRS Assets = Liabilities + Stockholders’ Equity Assets: things you own – economic resources Liabilities and Stockholders’ Equity: sources of financing from economic resources o Liabilities: from creditors o Stockholders’ Equity: from stockholders Balance Sheet is for a point in time, whereas all other statements are over a period of time. Revenues – Expenses = Net Income Order of Statements 1. Income Statement 2. Statement of Stockholders’ Equity (need Net Income from Income Statement) 3. Balance Sheet (need ending retained earnings from Stockholders’ Equity) 4. Statement of Cash Flows Income Statement Revenues (Sales) – what the price tag says top line o Sales Revenue o Fee Revenue o Interest Revenue o
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes