Distributed+Principles+of+Accounting+Outline++W12+.docx -...

This preview shows page 1 - 3 out of 38 pages.

I.►Introduction to AccountingA. ►Introduction1.What is accounting?(a) Who are interested parties?
2.►What are ethics?
b)►Why are ethics important in accounting?
3.►What are generally accepted accounting principles?(i)►WHY use original cost instead of market
value?
ONLY
We have textbook solutions for you!
/Financial-Accounting-The-Impact-on-Decision-Makers-10th-Edition-9781305654174-176/
The document you are viewing contains questions related to this textbook.
Chapter 7 / Exercise 1
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified
(b) Non-monetary transactions are not included inaccounting(3) ►Distinct entity reporting(a) Each entity reports its own accounting and records4.►Forms of Businessesa)►Sole proprietorship(1) Exists when anyone does business WITHOUT creating abusiness entity(2) REQUIREMENTS to form sole proprietorship:(a) Just start a business!b) ►Partnerships(1) Association of two or more persons to carry on a business forprofitc)►Corporations(1) Legal Status(2) Separate legal entity from shareholders(3) Organization(a) ►Shareholders(b) ►Board of Directors (responsible for overallmanagement of corporation)(c) ►Officers(i)Responsible for day-to-day management ofcorporationB.►Basic Accounting Equation1.►Formulaa)Assets = Liabilities + Stockholders’ Equity2.Definitionsa)►What are assets?
b)►What are liabilities?
c)►What is stockholders’ equity?

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 38 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, CR Cash
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Financial Accounting: The Impact on Decision Makers
The document you are viewing contains questions related to this textbook.
Chapter 7 / Exercise 1
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture