ACT 3060 Lecture Notes - Lecture 1: Financial Statement, Accounts Payable, Promissory Note
Document Summary
1. 1 analyze business transactions and their effect on the accounting equation. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization"s business activities. For example, the sale by apple of an iphone. Accounting is called the languages of business because all organizations set up accounting information systems to communicate data to help people make decisions. Accounting serves many users who can be divided into two groups: external users and internal users. Lenders, shareholders, governments, consumer groups, external auditors, Officers, managers, internal auditors, sales staff, budget office, controllers. You want to buy a house for ,000, you pay ,000 as a down payment and take a. Resources owned or controlled by a company. Land, buildings, equipment, store supplies, vehicles . Accounts receivable (a/r) - receive money in the future (no contract).
