[ACTG 1P91] - Midterm Exam Guide - Ultimate 35 pages long Study Guide!

628 views35 pages
azurewater-buffalo510 and 64 others unlocked
ACTG 1P91 Full Course Notes
ACTG 1P91 Full Course Notes
Verified Note
31 documents

Document Summary

Is an information system for measuring the results of business activities and communicating these measurements to intended users. Detailed financial plans and reports about the operating performance of the organization. Reports used outside the company by creditors, investors, and others. Resources owned by the company = resources owed to creditors and to shareholders. Accounts accumulate and report the effects of each different business activity. Resources controlled by the company that have measurable value and are expected to provide future benefits to the company. Amounts owed by the business to creditors. Amount owners directly invested in the company in exchange for shares. Amount the company has earned through profitable business operations. The amount earned by selling goods or services to customers. The cost of doing business that are necessary to earn revenues. The dist(cid:396)i(cid:271)utio(cid:374) of a (cid:272)o(cid:373)pa(cid:374)y"s ea(cid:396)(cid:374)i(cid:374)gs to its sha(cid:396)eholde(cid:396)s as a (cid:396)etu(cid:396)(cid:374) o(cid:374) thei(cid:396) investment. Reports the amount of revenues less expenses for a period of time.