ADMS 1010 Final: ADMS 1010 Final Notes

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Financial sheets: balance sheets statements of financial position at a given point in time, reports: assets: economic resources (things of value, liabilities: economic obligation (things owed, ownership equity: residual value after liabilities are paid. Income statement statement of income, expenses and profits over a given period: cash flow statements reports on cash flow activities, particularly operating, investing and financing activities. Financial accounting - is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Auditing is defined as a systematic and independent examination of data, statements, records, operations and performanes of an enterprise for a stated purpose any subject matter may be audited. Imf (international monetary fund) came out of the bretton woods conference following wwii.