Accounting 2010 Notes

Accounting 2010 Notes - CH.1 1stHWQuestion: B D A C B D A D...

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CH. 1 23:37 1st HW Question: B D A C B D A D 2 nd  HW Question SE A R A E A E L
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A The four basic finical statements are: Balance sheet – statement of finical position Income Statement – statement of operations Statement of retained  Earnings – changes retained earnings balance Statement of Cash Flow GAAP are the rules of the accounting game Financial accounting 2010 Managerial accounting 2020 The accounting system Collects and processes finical information about an organization Reports that information to decision makers Financial Accounting = Financial Statements = External Decision Makers Managerial Accounting = Detailed Plans and Operating Reports = Internal  Decision Makers (Managers) At a minimum, financial statements are prepared annually Interim  - monthly or quarterly statements
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Balance Sheet – All resources owned and amounts owned are listed in order of  liquidity. The difference between resources owned and the amounts owed,  represents the stockholders’ equity in the business
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Accounting 2010 Notes - CH.1 1stHWQuestion: B D A C B D A D...

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