ACCTEXAM_1_Study_Outline - ACCT 2000 EXAM#1 STUDY OUTLINE...

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ACCT 2000 EXAM #1 STUDY OUTLINE Spring 2009 CHAPTER 1: I. Fields of Accounting a. Financial Accounting (Focus: External Reporting) a.i. 4 Financial Statements: a.i.1. Balance sheet a.i.2. Income statement a.i.3. Statement of cash flows a.i.4. Statement of owner’s equity a.ii. External Users a.ii.1. Creditors a.ii.2. Investors a.ii.3. Government (IRS, SEC) b. Managerial Accounting (Focus: Internal Reporting) b.i. Primary user is in management c. Taxation c.i. Income innovation d. Auditing d.i. Exterior: Independent CPA Firm d.ii. Interior: Works directly for the company e. Not –for – Profit Accounting e.i. Municipalities e.ii. Charities II. Organizations Impacting Accounting a. Financial Accounting Standards Board (FASB): responsible for issuing GAAP b. Generally Accepted Accounting Principle (GAAP) c. American Institute (AICPA): governing body; CPA exam; CPE d. Internal Revenue Service (IRS): administer the tax laws; collection of taxes. Less than 2% of people get audited. III. Definitions – creditor, entity, GAAP, etc. a. Creditor- org or individual who lends to the entity b. Entity- org, individual, or group of org or individuals for which accounting services are provided
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c. GAAP- requires “accrual basis” CHAPTER 2: I. Concepts and Principles a. Economic Entity Concept- the business unit that is being accounted for is separate from other business units and its owner; maintain separate records. b. Historical Cost Principle – assets must be reported in the balance sheet at their original cost; objective and verifiable c. Full disclosure c.i. If info must influence the users decision making process, then disclose that information. c.ii.
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ACCTEXAM_1_Study_Outline - ACCT 2000 EXAM#1 STUDY OUTLINE...

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