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[ACTG 1P91] - Final Exam Guide - Everything you need to know! (53 pages long)
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Department
Accounting
Course Code
ACTG 1P91
Professor
Staci Kenno

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Brock U
ACTG 1P91
FINAL EXAM
STUDY GUIDE
ACTG 1P91
May 6, 2014
Business Decisions and Financial Accounting: Chapter 1
Accounting
- Is an information system for measuring the results of business activities and communicating
these measurements to intended users
Communication
- Intended to be
- Useful
- Need to know
- Who are the users
- Managerial
- Financial
- What are their needs
Managerial Accounting
- Reports used inside the company
- Detailed financial plans and reports about the operating performance of the organization
Financial Accounting
- Reports used outside the company by creditors, investors, and others
- Financial statements
Annual Reports tell a story
- Learn to read the story
- Understand the conventions
- Understand the limitations
- Understand the philosophy
- Understand the origin of numbers
Accounting Equation
- Resources owned by the company = Resources Owed to creditors and to shareholders
- Assets = Liailities + Shaeholdes’ Euity
- Accounts accumulate and report the effects of each different business activity
Assets
- Resources controlled by the company that have measurable value and are expected to provide
future benefits to the company
Liabilities
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find more resources at oneclass.com
- Amounts owed by the business to creditors
Shaeholdes’ Euity
- Owes’ lais o the usiess esoues
- Contributed Capital
- Amount owners directly invested in the company in exchange for shares
- Retained earnings
- Amount the company has earned through profitable business operations
Net Income
- Revenue
- The amount earned by selling goods or services to customers
- Expenses
- The cost of doing business that are necessary to earn revenues
- Revenue Expenses = Net Income
Retained Earnings
- Dividends
- The distiutio of a opay’s eaigs to its shaeholdes as a etu o thei
investment
- Dividends are not an expense
- Retained Earnings
- Increases with Net Income (Profit generated)
- Decreases with Dividends (Profit distributed)
Financial Statements
- Typically prepared in this order
- Income statement
- Statement of Retained Earnings
- Balance Sheet
- Statement of Cash Flows
Income Statement
- Reports the amount of revenues less expenses for a period of time
Statement of Retained Earnings
- Reports the way that net income and the distribution of dividends affected the financial position
of the company during a period of time
Balance Sheet
- Repots the aout of assets, liailities ad shaeholdes’ equity of a business at a point in time
- Assets = Liailities + Shaeholdes’ Euity
Statement of Cash Flows
find more resources at oneclass.com
find more resources at oneclass.com

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Description
[ACTG 1P91] Comprehensive Final Exam guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com ACTG 1P91 May 6, 2014 Business Decisions and Financial Accounting: Chapter 1 Accounting - Is an information system for measuring the results of business activities and communicating these measurements to intended users Communication - Intended to be - Useful - Need to know - Who are the users - Managerial - Financial - What are their needs Managerial Accounting - Reports used inside the company - Detailed financial plans and reports about the operating performance of the organization Financial Accounting - Reports used outside the company by creditors, investors, and others - Financial statements Annual Reports tell a story - Learn to read the story - Understand the conventions - Understand the limitations - Understand the philosophy - Understand the origin of numbers Accounting Equation - Resources owned by the company = Resources Owed to creditors and to shareholders - Assets = Lia▯ilities + Sha▯eholde▯s’ E▯uity - Accounts accumulate and report the effects of each different business activity Assets - Resources controlled by the company that have measurable value and are expected to provide future benefits to the company Liabilities find more resources at oneclass.com
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