notes 1

notes 1 - BUSI 100 CJ Skender August 25, 2010 Chapter 1-...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

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

Unformatted text preview: BUSI 100 CJ Skender August 25, 2010 Chapter 1- Father of accounting and double entry bookkeeping Luca Pacioli (1494)- Financial Accounting: conveyance of financial information to external parties so that they can make good decisions Financial (100) Managerial (101) External Intertal Forms: 1. Proprietorship one person 2. Partnership 2 or more people 3. C Corporation able to make more money (stocks), but double taxation; unlimited number of owners 4. Limited Partnership unlimited liability 5. S Corporation limited in terms of owners, cannot have more than 100 owners; acts like a partnership because taxes are passed through to owners 6. LLC limited liability corporation; can choose how it is taxed Investors: Expect prices to rise buy (optimistic) Expect prices to fall sell (pessimistic) ICPQ 1. ( $114 - $110 ) + $2 = 16% 100 2. ( 188 200) + ( 4 x 1.50 ) = -3% 200 3. (328 300) + 2 = 10% 300 4. ( 424 400) + ( 4 x 6.00 ) = 12% 400 * Accounting is the backbone of any business major in college- K. Burns likes having liquid assets? Research:- Budgeting, financial planning- types of accountants: Public accountants auditing, taxes, consulting services, CPA firms Managerial Accountants work for companies (i.e. IBM, etc) Government Accountants Internal Auditors work with individual companies- Education required Undergrad + 5 th year- CPA = certified public accountant - Typical requirements Education, masters degree, experience, and must pass CPA exam- Certifications available CPA CMA certified managerial accountant CIA certified internal auditor CFE certified fraud examiner- Current job outlook Very positive, secure job August 30, 2010 (CHAPTER 1)- Luca Pacioli = father of accounting 1494- financial accounting is external while managerial deals with more internal affairs- C-Corporation, S-Corporation (limited number of share holders 100 person limit); C-Corporation files its own taxes, etc.- investors optimistic vs. pessimistic; if investors believe the company will do well, they are optimistic and are willing to invest & vice versa for pessimistic investors (price @ end price @ beg.) + dividends = return price @ end- Kevin Burns and liquidity (CHAPTER 2)- Think of financial accounting as a portrait- portrait is not perfect/exact Major Financial Statements: 1. Balance Sheet a snapshot/picture of a company at a specific point in time1....
View Full Document

Page1 / 15

notes 1 - BUSI 100 CJ Skender August 25, 2010 Chapter 1-...

This preview shows document pages 1 - 4. Sign up to view the full document.

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