🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →

HomeClass Notes1,200,000US530,000

ACTG 2200 Lecture Notes - Lecture 1: Management Accounting, General Ledger, Retained Earnings

62 views4 pages

purplecicada511

4 Feb 2017

School

University of Denver

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Conducting ops: funding, resources, investors, actual business, convert accounting into goods and services, sell to the consumer, make revenues and profit, compensation goes to owners, cycles back into resources/investors. Claims: creditors (borrowing money, owners (getting someone to invest) Ex1: if put in, they buy worth of stock in business. Asset (resource: cash, inventory, accounts receivable, supplies. Dealing with economic events and putting them into a category. Income statement: revenues expenses = net income, assets, liabilities, and equity. Statement of stockholder equity: changes in equity of balances, stock, earnings, and dividends. Statement of cash flows: cash by, operating, investing, financing. Cash always added in or taken out. Don"t use (cid:498)retained earnings(cid:499: incurred owes, earned owed to us. Cash: record events result of cash in/out. Accrual: recording the event before cash is exchanged. Deferral: cash received or paid before the event. Asset: when asset is used up goes into depreciation expense. Deferral: asset, ppd insurance, 12,000, equity.

Related Documents

ACG 2021 Chapter Notes - Chapter 1: Common Stock, Kpmg, Accounts Payable

redwoodchuck609

ACCTG 201 Chapter Notes - Chapter 1: Sole Proprietorship, Financial Accounting, Accounting Equation

ACG 2021 Study Guide - Comprehensive Midterm Guide: Cash Flow, Retained Earnings, Financial Accounting

redwoodchuck609

Related Questions

1. Creditors' claims on the assets of a company are called: (Points : 2)

2. The primary objective of financial accounting is: (Points : 2)

To serve the decision-making needs of internal users

To provide financial statements to help external users analyze and interpret an organization's activities

To monitor and control company activitiesTo provide information on both the costs and benefits of managing products and services

To know what, when and how muchto produce

3. Assets created by selling goods and services on credit are: (Points : 2)

Accounts payable

Accounts receivable

4. The debt ratio is used: (Points : 2)

To measure the amount of equity relative to the expenses

To reflect the risk associated with a company's debts

Only by banks when a business applies for a loan

To determine how much debt a firm should pay off

5. Net Income: (Points : 2)

Decreases equity

Represents the amount of assets owners put into a business

Equals assets minus liabilities

Is the excess of revenues over expenses

Represents the owners' claims against assets

6. Internal users of accounting information include: (Points : 2)

Government regulators

Line Supervisor

7. Risk is: (Points : 2)

Net income divided by average total assets

The reward for investment

The uncertainty about the expected return that will be earned from an investment

Unrelated to expected return

8. An example of an operating activity is: (Points : 2)

Purchasing office equipment

Borrowing money from a bank

Paying off a loan

9. Which accounting assumption assumes that all accounting information is reported monthly or yearly? (Points : 2)

Business entity assumption

Monetary unit assumption

Value assumption

Cost assumption

Time period assumption

10. Distributions of assets by a business to its stockholders are called: (Points : 2)

Retained earnings