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

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Accountant: record and report
Accounting is
Record keeping
Business functions
Making money
Conducting ops
1. Funding
2. Resources
a. Investors
3. Actual business
a. Convert accounting into goods and services
4. Sell to the consumer
5. Make revenues and profit
6. Compensation goes to owners
a. Cycles back into resources/investors
Financial Accounting
Done for external users
o Shareholders
Management Accounting
Done for internal users
Entity Concept: resources belong to the owners
Resources come from
Claims
o Creditors (borrowing money)
o Owners (getting someone to invest)
EX1: if $10 put in, they buy $10 worth of stock in business
Business
Resources = Claims
IF: THEN Creditors + Owners
+cash +stock
+$10 (investor) +$10
+$5 (creditor/bank) +$5
+$2 (made by business) (revenue) +$2
-$2 (lost by business) (expenses) -$2
Element
Asset (resource)
o Cash
o Inventory
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