BUS 100 Lecture Notes - Financial Statement, Accounting Equation, Current Liability

• School: UFV
• Department: Business Administration
• Course: BUS 100
• Professor: Kim Milnes

Document Summary

Account and examination of company"s financial records to determine if it used proper procedures to prepare its financial reports. Must adhere to generally accepted accounting principles (gaap) = standard rules and methods used by accountants in preparing financial reports. International accounting standards (1) global gaap has been created (called ifrs) to ensure standards. Detecting fraud (1) due to recent fraud, forensic accountants may be used to track down hidden: tax services funds. Help clients prepare tax returns, and structure business in most profitable manner: management consulting services. Specialized services to help managers resolve problems in finance, production, scheduling and others: private accountant. Hired as a salaried employee to deal with day-to-day needs. The accounting cycle (1) 6 step proves used to develop/analyze company"s financial reports (2) analyze transition documents record transactions transfer records to ledger do trial balance prepare financial statements analyze statements. This is what would remain if firm was liquidated, all assets sold, all debts paid.