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ADMS 2500 (47)
Lecture

lecture 1. Module 1. Introduction

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Department
Administrative Studies
Course
ADMS 2500
Professor
Marcela Porporato
Semester
Winter

Description
Module 1 2 3I DefinitionA system of measurement Its a processCommunicating in the same level of understandingEnterprise businessFinancial position make money for investors and decision makers show me the moneyII Transaction data summarized into Balance sheet income statementexpenses and incomes owners equity statementCash flow statement more incoming rather than outgoing positive cash flows So there are positive balanced and negative cash flowsIII Stakeholders external personnels y Managers get information for comparing performance and others via information furnished from the accounting department y Owners prospective investors y Creditor bank and others who lend money to business They look at the cash flow profits of last years and so on y Government and regulators taxes and check incomes etc y Unions and Advocacy groups y General public competitorsIV Purpose of accounting gather information to help make better decisionsV Focus of financial reportingthe final score is the financial statements each period is the monththe final score is shown within a financial yearVI Different types of accountingCash basisif you have money you can buy things but if you dont have money you cant buy thingsAccrual basis I recognize the revenue and expenses that occur It includes Accounts receivables and other bills of paymentsAccrual accounting y Revenue delivery y Expenses at the time of occurrence y Matchingcomparing revenue with expenses
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