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ACC 201 Lecture Notes - Financial Statement, Financial Accounting, Income Statement

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evaa
24 Sep 2022
School
New England College of Business and Finance
Department
Accounting
Course
ACC 201
Professor

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Document Summary

Accounting is defined as process of collecting, processing and reporting of financial information, to help users of this information making decisions. Collection => it identifies economic occurs, their measurement and their report in a certain way in accounting system. Process => it analyzes, summarizes all the reported economic occurs to present them in a suitable format. Report => it presents information in a suitable format for all its users. Standard format of reports are financial statements, which are: 1. An economic occur is defined as a change in assets proportion or change in property compound of the economic unit. Changes in assets proportion => an increase in property (for example a building purchase which is transacted with debt it will bring an increase in the building active asset and an increase in. Debt liability; or a decrease in property (a debt repayment decrease the cash active asset and decrease the debt too.

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Related Questions

Which ONE of the following statements is TRUE?

Accounting focuses on quantitative financial information.

The balance sheet reports the excess of a company’s revenues over its expenses.

Accounting and bookkeeping are the same thing.

Managerial accounting information is provided to external users to aid in decision making.

Select the correct statement regardingmanagerial and financial accounting.

Users of managerial accounting information desire more detailedaccounting reports than do users of financial accountinginformation.

Both managerial and financial accounting use economic andphysical data in addition to financial data.

Financial accounting is less regulated than managerialaccounting.

Timeliness is more important in financial accounting than inmanagerial accounting

The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify and describe the major users of accounting information and discuss what questions financial accounting information answers for each group of users.