Windows File Explorer Areas of Responsibly 13 Governan ce Risk and Complianc e

Windows file explorer areas of responsibly 13

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Windows File Explorer
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Areas of Responsibly 13 Governan ce, Risk and Complianc e
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Learning Objectives Understand the differences between Cash and Accrual Accounting Review the Basics of Accounting Balance Sheet Income Statement Statement of Cash Flows Distinguish Between Fixed and Variable Expenses Calculate a Firm’s Break-Even Point 14
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Basic Accounting Concepts 15 Accru al Cash G A A P
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Generally Accepted Accounting Principles (GAAP): guidelines that set out the manner and form for presenting accounting information Accrual Accounting: the practice of recording economic activity when recognized rather than waiting until realized 16
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Which is “Better?” 17 Accru al Cash Management – Avoids Timing Issues - More sophisticated Myriad Story of 2 3-paycheck months. Cash – May or may not be better for tax purposes if allows (depends upon cash flow)
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Basic Accounting Concepts (continued) 18 Fixed Asset => Accumulated Depreciation <= Depreciation
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Depreciation: reduction in value of a fixed asset over its expected life intended to reflect the usage of wearing out of the asset Accumulated Depreciation: sum of all previous depreciation amounts charged to fixed assets 19
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Basic Balance Sheet Terms & Concepts 20 Liabiliti es Equit y Asse ts
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Balance Sheet: financial statement that provides a snapshot of a venture’s financial position as of a specific date Balance Sheet Equation: Total Assets = Total Liabilities + Owners’ Equity Assets: financial, physical and intangible items owned or controlled by the business Liabilities: short-term liabilities are listed first followed by long-term debts owed by the venture Owners’ Equity: equity capital contributed by the owners of the venture is shown after listing all liabilities 21
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Basic Balance Sheet Terms & Concepts (continued) 22 Asset Liquidity Listing Order of Assets: assets are listed in declining order of liquidity, or how quickly the asset can be converted into cash
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Types of Balance Sheet Assets 23 Curren t Current Assets: cash & other assets that are expected to be converted into cash in less than one year
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Types of Current Assets 24 Cas h Cash: amount of coin, currency, and checking account
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Types of Current Assets 25 A/R Receivables: credit sales made to customers
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