ACC 210- EXAM 1 Objectives

ACC 210- EXAM 1 Objectives - Chapter 1 Learning Objectives...

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Chapter 1 Learning Objectives Describe the role of accounting in business and society - Accounting is the process of IDENTIFYING, MANAGING & RECORDING. - Provides service to make resource allocation decisions(FUTURE ACTIVITIES) & evaluate performance(PAST ACTIVITIES). Identify the primary users of accounting information - EXTERNAL: stockholders, creditors(lend money), gov’t (for tax collection), customers, vendors(suppliers). - INTERNAL: managers, employees. Identify and explain the major organizations that influence financial reporting standards - Has pwr 2 set acc rules 4 pubicly traded companies. - FASB(Fin. Acc. Standards Board) Has been given pwr by SEC. - ISAB(Int’l Acc. Standards Board) Identify the financial statements - BS, IS, Stmt. Of Re, stmt Of Cash Flows
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Identify and explain the elements of the balance sheet - Current Assets: CASH, ACC RECCEIVABLE, INVENTORY, PREPAID ASSETSM SUPPLIES. -
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This note was uploaded on 10/17/2011 for the course ACC EC 210 taught by Professor None during the Spring '11 term at N.C. State.

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ACC 210- EXAM 1 Objectives - Chapter 1 Learning Objectives...

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