ACC 100 Study Guide - Midterm Guide: Cash Flow Statement, Accrual, Retained Earnings

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Document Summary

Forms of organizations: business entities, non-business entities, organizations and social responsibility. Nature of business activity: financing activities, investing activities, operating activities. Users of accounting information and their needs: internal users, external users. Financial statements: how accountants communicate: the accounting equation and the balance sheet, the income statement, the statement of retained earnings. The conceptual framework: foundation for financial statements: accounting as a social science, accountants and ethical judgments. Chapter 2 - financial statements and the annual report. What financial statements tell about a business. Objectives of financial reporting: primary objective: provide info for decision making, supporting objective: reflect prospective cash receipts to investors and creditors, supporting objective: reflect the enterprises resources and claims to its resources, qualitative characteristics of accounting. Classified balance sheet: parts of the balance sheet, operating cycle, current assets, non-current assets, current liabilities, long-term liabilities, shareholders equity. Income statement: whats on it, format of it, single step income statement. Economic events: external and internal events, source documents.

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