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ACCT 222 Exam 1 Review

ACCT 222 Exam 1 Review - Transactions Asset Source increase...

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ACCT 222 Exam 1 Review Organizations, their responsibilities, etc. FASB: Financial Accounting Standards Board Privately funded organization with the primary authority for establishing accounting standards in the United States. AICPA: American Institute of Certified Public Accountants National Association that serves the educational and professional interests of members of the public accounting profession; membership is voluntary. IRS: Internal Revenue Service The United States national tax collection agency. GAAP: Generally Accepted Accounting Principles Measurement rules established by the FASB
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Unformatted text preview: Transactions: Asset Source: increase the total amount of assets and increase another asset. 1. Assets Increase 2. C/S increases, or liabilities increase, or revenue increases Asset Exchange: Decrease one asset and increase another asset 1. One Asset Increases 2. Another Asset Decreases Asset Use: Decrease the total amount of assets and the total number of claims. 1. Assets Decrease 2. Expenses increase, or liabilities decrease, Dividends Paid Claims Exchange: Decrease one claim and increase another claim 1. One Claim Increases 2. Another Claim Decreases...
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