Exam_Final_Review_SP2010

Exam_Final_Review_SP2010 - IEE 220 Engineering and Business...

Info iconThis preview shows pages 1–16. Sign up to view the full content.

View Full Document Right Arrow Icon
IEE 220 Engineering and Business Final Exam Review Materials Bring calculator, pens/pencils, and up to 3 pages of notes
Background image of page 1

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

View Full DocumentRight Arrow Icon
IEE 220 Engineering and Business Chapter 17: Accounting Practices and Principles
Background image of page 2
Chapter 17 3 Accounting Accounting identifies, measures, and communicates economic information GAAP - Generally Accepted Accounting Principles Governed by the FASB - Financial Accounting Standards Board Two types: Financial and Managerial
Background image of page 3

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

View Full DocumentRight Arrow Icon
Chapter 17 4 Types of Accountants Public Accountants Provide services to Individuals Businesses Private Accountants All others Management, government, academia
Background image of page 4
Chapter 17 5 Accounting Cycle
Background image of page 5

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

View Full DocumentRight Arrow Icon
Chapter 17 6 Commonly Used Terms Assets = Liabilities + Owner’s Equity Assets (property, cash) Liabilities (debts) Owner’s Equity (investments of owners) Revenues (sales, interest earned, etc.) Expenses (costs that produce revenue) Net Income (revenue - expenses)
Background image of page 6
Chapter 17 7 Double-Entry Bookkeeping Entry of debits and credits to ensure transactions are properly recorded Debits recorded on the left, represents Increases in assets Decreases in liabilities, owner equity, expenses Credits recorded on the right, represents Decreases in assets Increases in liabilities, owner equity, expenses
Background image of page 7

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

View Full DocumentRight Arrow Icon
Chapter 17 8 Assets Current Assets Cash & items that can be turned into cash Plant Assets Items that are usable for > 1 year Depreciation Amortization of cost of plant assets over their useful life 39-1/2 years for buildings 5 years for vehicles
Background image of page 8
Chapter 17 9 Liabilities Liabilities Debt owed to creditors Current Liabilities Obligations that will be repaid within 1 year Working Capital Current Assets - Current Liabilities
Background image of page 9

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

View Full DocumentRight Arrow Icon
Chapter 17 10 Income Statement (P&L Statement) Revenues Sales, interest, rent, royalties, dividends Cost of goods sold Expenses used to produce goods or services for sale Net income (loss) Revenue - Expenses
Background image of page 10
Chapter 17 11 Statement of Cash Flows Statement of cash flows flow of cash in/out during a period of time Operating activities measurement of cash results from revenue- generating activities Investing activities buying fixed assets or buying stock Financing activities issuance of new stock, paying dividends, borrowing, and repaying amounts borrowed
Background image of page 11

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

View Full DocumentRight Arrow Icon
IEE 220 Engineering and Business Financial Statements
Background image of page 12
Understanding Financial Statements 13 Financial Statements Answer Financial statements use accounting data to tell us how a business is performing Summarizes Net Worth Profit & Loss Liquidity etc.
Background image of page 13

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

View Full DocumentRight Arrow Icon
Understanding Financial Statements 14 Overview of Financial Reporting
Background image of page 14
Understanding Financial Statements 15 Income Statement Proctor & Gamble (PG) from www.Finance.Yahoo.com PERIOD ENDING 31-Dec-08 30-Sep-08 30-Jun-08 31-Mar-08 Total Revenue 19,924,000 22,026,000 Cost of Revenue 9,565,000 10,905,000 Gross Profit 10,359,000 11,121,000 Operating Expenses Research Development - Selling, General & Admin 6,224,000 Total Operating Expenses - - - - Operating Income or Loss
Background image of page 15

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

View Full DocumentRight Arrow Icon
Image of page 16
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 101

Exam_Final_Review_SP2010 - IEE 220 Engineering and Business...

This preview shows document pages 1 - 16. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online