Lecture 10 - 10.1.2008

Lecture 10 - 10.1.2008 - AEM1200 Introduction to Business...

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AEM1200: Introduction to Business Management. Wednesday 10/1       Accounting Accounting and the accounting process Financial statements Accounting procedures and standards Accounting: The recording, classifying, summarizing, and interpreting of financial events and  transactions to provide management and other interested parties the information they need to  make good decisions Areas of Accounting Financial Accounting - Annual Report - Private Accountant - Public Accountant - C.P.A. - provides a means to analyze business Auditing Tax Accounting assists with tax collection   Managerial Accounting - Inside Organization - C.M.A. - Financial reports pinpoint problems and opportunities The Accounting System
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Accounting Equation: Assets = Liabilities + Owner’s Equity Owned = Owed + Owner’s Claims The “Typical” Balance Sheet Assets Current assets Cash Accounts Receivable Notes Receivable Inventory Fixed assets Land Buildings Depreciation Capital equipment Depreciation The Typical Income Statement
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This note was uploaded on 08/28/2009 for the course AEM 1200 taught by Professor Perez,p.d. during the Fall '06 term at Cornell.

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Lecture 10 - 10.1.2008 - AEM1200 Introduction to Business...

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