chp1 and 2 - Welcome This is ACT 205 aka Fundamentals of...

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1 Welcome!! This is ACT 205, aka, Fundamentals of Accounting Sit back And Stay a spell ACT 205 Fundamentals of Accounting Instructor: Dr. Melanie Middlemist Text: Financial Accounting 4 th edition Authors: Kimmell, Weygandt, Kieso Office: Rockwell 251 Phone: 491-3022 Email address: mmiddlem @ lamar . colostate . edu Please use this address for ALL correspondence Office Hours: MW 10-12:00 pm Required Course Calculator: Texas Instruments TI-503SV Grades will based on the following: Hourly Exams 350 Final Exam 50 Class Assignments 100 Total 500 Grades will be assigned on the following basis: A 500-450 B 449-400 C 399-350 D 349-300 F 299-0
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2 Final Exam : A comprehensive final exam will be given as a common exam at a place and time to be announced. Since the final is comprehensive, it will be used to substitute, in the event it is higher, for a lower exam score. This substitution would apply to ONE missed exam. NO MAKE-UP EXAMS WILL BE GIVEN. Thus, if a valid reason exists and the instructor has been notified, ONE of the seven hourly exams may be missed. THE FINAL MUST BE TAKEN IN ORDER TO RECEIVE COURSE CREDIT. Class Assignments—Continuing Cookie Chronicle Due dates will be announced at least one class period prior to the deadline. Notification of any error in recording homework or exam grades MUST be made with one week of the posting. Lectures for the course are posted on Ram CT Please make sure that your cell phone is off and remains off during class. 1 Chapter s
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3 Types of Business Disadvantages Limited source of financial resources Unlimited liability Joe’s Advantages Ease in organizing Low cost of organizing Sole proprietorship(one owner) Types of Business Partnership(two or more owners ) Advantages More financial resources than a proprietorship. Additional management skills Disadvantage Unlimited liability Joe and Marty’s Types of Business Corporation(separate legal entity) J & M, Inc. Advantage The ability to obtain large amounts of resources by issuing stocks Disadvantage Double taxation
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4 A system that provides: •Quantitative information •Financial in nature •Useful for decision making Accounting •Internal Users •Management Accounting Information •External Users •Financial Accounting Information Users of Accounting Information Who makes this decision to relocate? What sort of information is needed for this decision? Where can cost information be found? Internal Users
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5 What sort of information is needed for this type of a decision? Where can this type of information be obtained? Internal Users External Users Who is making the decision? What sort of information is needed for this investment decision? Where can this type of information be found? Where does financial statement information come from? Other External Users Of Financial Statement Information Suppliers and Customers Creditors Government Agencies Employees Where does financial statement information come from?
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6 An accounting information system is: A set of procedures Used to communicate information Utilized in making economic decisions
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