Ques1_AcctgReview

Ques1_AcctgReview - QUESTION SET 1 Accounting Review SELF...

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QUESTION SET 1 BA215 Accounting Review Madeleine Romero SELF TEST – DO NOT TURN IN 1. What are the two fairly distinct jobs that the financial department performs in a company? 2. What is the goal of the firm and therefore of all managers and employees? How is this goal achieved? 3. What is GAAP? 4. What is a balance sheet? 5. What is an income statement? 6. What is the accrual method of accounting? SOLUTIONS BELOW
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QUESTION SET 1 SOLUTIONS BA215 Accounting Review Madeleine Romero 1. (1) Finance – managing the company’s financial resources (including the treasury function). (2) Accounting – recording and reporting all financial transactions (including the controller function). 2. The goal of the firm, and therefore all managers, is to maximize shareholder wealth. This goal is measured by share price; an increasing price per share of common stock relative to the stock market as a whole indicates achievement of this goal. 3.
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This note was uploaded on 06/28/2009 for the course BA 215 taught by Professor Bourne during the Winter '09 term at Oregon State.

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Ques1_AcctgReview - QUESTION SET 1 Accounting Review SELF...

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