Management 1A Lecture Notes (1)

Management 1A Lecture Notes (1) - Management 1A Lecture...

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Management 1A Lecture Notes Professor Gardner-Treloar Weeks 0-2, Lectures 1-4 Accounting Basics
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Accounting Definition -Accounting is “the language of business” -Accounting is a process of identifying recording and communicating the economic events of an organization to interested users of the information Users of Financial Information - Managerial Accounting serves internal decision makers -These internal users include marketing managers, production supervisors, finance directors, company officers -This will be the focus of Management 122 -Financial Accounting serves external decision makers -These external users include investors, creditors, taxing authorities, regulatory agencies, customers, labor unions -This will be the focus of *this* class Forms of Businesses -Organizations -Sole proprietorship -Generally refers to one person who started or owns a business -This will be the focus of this class -Partnership -Corporation -Separate and distinct from owners -This will be the focus of some of our group projects -Types of Business Activities -Service -Provides a service to a client -Merchandising -Provides a product to a customer -Manufacturing -Makes a product from raw materials to sell to Merchandisers -Note: -A company may participate in one, two, or all three of these activities Bookkeeping Double-entry bookkeeping -Debit A debit can be any one of the following: -An increase in asset account -Such as a cash -A decrease in a liability account -A decrease in an equity account
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-Debit is abbreviated DR because of the Latin debere -Debits always go on the left -Credit A credit can be any one of the following: -A decrease in asset account -An increase in a liability account
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This note was uploaded on 12/08/2011 for the course MGMT 1A taught by Professor Litt during the Spring '08 term at UCLA.

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Management 1A Lecture Notes (1) - Management 1A Lecture...

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