ARBUS102 Study Guide - Midterm Guide: Treasury Stock, Accounts Receivable, Cash Flow Statement
30 Apr 2016
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Know the objective of financial accounting: used outside of the company by creditors, investors and others. Role accountants play in an organization: accounting is a system of analyzing, recording and summarizing the results of a business" activities and then reporting the results to decision makers. Know the format of a multi-step income statement chp 3: reports the amount of revenues less expenses for a period of time. Classified balance sheet chp: reports the amount of assets, liabilities, and shareholders" equity of a business at a point in time, assets = liabilities + shareholders" equity. Statement of r/e or s/e: reports the way the net income and the distribution of dividends affected the financial position of the company during a period of time chp 1 slide 9 10 13: retained earnings. ), as well as the elements for each. Know the cost of selling on credit: advantages: helps customers to but the product therefore increases revenue, disadvantages.
