COMM 111 Final: COMM 111 - Financial Accounting - Final Exam Review

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Document Summary

Accounting the information system that measures business activities, processes data into reports, and communicates results to decision makers the language of business". : investors and creditors, government and regulatory agencies, taxing authorities, individuals and not-for-profit organizations. Financial accounting provides information for decision makers outside the organization, while management accounting generates inside information for the managers of the organization. Board of directors policy maker for the corporation and appoints officers. Assets economic resources of a business that are expected to produce a benefit in the future. Liabilities debts payable to outsiders, called creditors. Owner"s equity represents the insider claims" of a business the owner"s interest in the assets of a corporation. Can be divided into contributed capital and retained earnings. Contributed capital the amount that shareholders have invested in the corporation. Retained earnings the amount earned by income-producing activities and kept for use in the business. Beginning balance of retained earnings +/- net income/loss dividends = ending.

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