Ch1 Study Guide

Ch1 Study Guide - Chapter1:IntermediateAccounting...

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Chapter 1: Intermediate Accounting 06/02/2012 14:18:00 Fin. acc-the process that culminates in the prep of fin. Reports on the enterprise for  use by both internal and external parties.  Management act-overseeing operations 4 financial statements: 1. balance sheet 2. Income statement 3. Statement of cash flows 4. Stment of  stockholders equity Objectives to Fin. Acc: info that is useful in investment and credit decisions, useful in  assessing cash flow prospects, and about comp. resources, claims to those resources,  and changes in them. Accrual acc  recognizes revenues when it earns them rather then when it receives  cash SEC -helped standardize fin. Info presented to stockholders, relies on the FASB (Fin.  Acc. Stds. Board) to develop standards AICPA -american institute of certified public accountants-issued acc. Bulletins, but  failed to have structure so developed the accounting principles board
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This note was uploaded on 02/28/2012 for the course ACC 3313 taught by Professor Humphrey during the Spring '08 term at Texas State.

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Ch1 Study Guide - Chapter1:IntermediateAccounting...

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