Syllabus Essay

901 words - 4 pages

Accounting is an information and measurement system that identifies, records, and communicates information that is relevant, reliable, and comparableGAAP- Financial accounting practice is governed by concepts and rules by:Luca Pacioli (Italian monk double entry bookeeping)Securities and Exchange Commission- government agency establish reporting requirements and set GAAP for companies that issue stock to the public.The Financial Accounting Standards Board- the private group that sets both broad and specific principles.The International Accounting Standards Board (IASB) issues inter- national standards that identify preferred accounting practices in other countriesSarbanes-Oxley Act- In response to a number of publicized accounting scandals help curb financial abuses at companies that issue their stock to the public.*Assets- (Cash, Accounts Receivable, Notes Receivable, Land, Buildings, Equipment, Store Supplies,Prepaid Expense, Investment,Inventory)*Liabilities- (Accounts, Notes, Wages, Taxes Payable)*Equity- (Contributed Capital, Retained Earnings, Common Stock, Dividends/Revenue(contra-equity accounts)Formula: Capital - Dividends(Drawings) + Revenue - Expenses ORAssets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenue.-Financial Statements: Income, Retained Earnings, Balance Sheet, Cash Flow^BALANCE SHEET- Current assets are those to be used or turned into cash within the upcoming year,NonCurrent assets are those that will last longer than one year.-Which of the following is not an advantage of the corporate form of business organization? c.) Unlimited personal liability for stockholders-A CPA's reputation for honesty and competence is his/her most important asset .-1st Record in Journal, 2nd Post to ledger Accounts(*T-Tables*), 3rd Trial Balance-Account a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.-Ledger is a collection of all accounts for an information system.-General Ledger is a record containing all accounts used by the company.-Debits and Credits- abbrev. Cr and Dr, left and right, used to describe the balance of an accountAssets- INCREASED by DEBITSLiabilities&Equities- INCREASED by CREDITS-Journalyzing- Entering transaction data in the journal separate entries made for EACH transaction- Journal-: 1 discloses in one place the complete effect of a transaction 2 provides a chronological record of transactions3 helps to prevent or locate errors as debit and credit amounts for each entry can be compared-Debt Ratio- TOTAL LIABILITES divided by TOTAL ASSETS- TOTAL DEBITS always equal the TOTAL CREDITS-Transactions- initially recorded in chronological order before they are transferred to the ledger accounts.- Objective of Financial Reporting- to provide useful economic information to external users for decision making andfor assessing future cash flows .-Fiscal Year- 1 full accounting time period- Adjusting entries are made in order for:revenues to be recorded in...

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