{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

accting 301 study guide 1 min shen

accting 301 study guide 1 min shen - ACCT 301 Fall 2010...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT 301 – Fall 2010 Study Guide Chapter 1 – Chapter 3 1. Firm (Business) Users of financial statements: outside users and inside users 2. Accounting System Financial accounting: to outside users Management accounting: to inside users The importance of accounting Stock price Management compensation Debt agreements Taxes Regulation Unions Political implications Loss of competitive advantage 3. Standard Setters SEC FASB GAAP: please note FASB is the main body that can set GAAP Audit: Managers are responsible for preparing financial statements. CPAs issue opinions or auditors’ reports: they are responsible for stockholders 4. Four Basic Financial Statements (know the elements of financial statements and several basic equations) Balance Sheet Assets: cash, accounts receivable, inventory, prepaid expenses, property, plant and equipment, land Liabilities: accounts payable, wages payable, interest payable, income tax payable, rent payable, notes payable, long-term debt, unearned revenue Stockholders’ Equity: contributed capital, common stock, preferred stock, retained earnings Assets = Liabilities + Stockholders’ Equity Income Statement Revenue: sales revenue, service revenue, interest revenue, rent revenue
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern