ACC 2101- Midterm Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)

504 views27 pages
5 Oct 2017
Department
Course
Professor

Document Summary

Income statement (rent, salaries: investing, purchasing and long term assets, financing cash flows, borrowing money, issue stockholders, paying dividends, link between the different financial statements: Measure business activities and communicate it: managerial accounting: methods accountants use to provide information to internal businesses, financial accounting: business activities and communicating it to external business partners. Historical cost principle. : predict cash flows, tells about economic resources, claims, and changes in the claims, generally accepted accounting principles (gaap, financial accounting standards board (fasb): establish gaap. Representatives from everywhere: eliminate differences within different countries international accounting standards board (iasb, standar dsetting after 1929 stock market crash. Criminal penalties for those that violate gaap rules: u. s. securities and exchange commission (sec) Double taxations: limited liability: stockholders are not personally responsible for the financial obligations of the company. Do not lose personal assets: sole proprietorship: business owned by one person. Low taxes: partnership: business owned by two or more persons.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers

Related Documents

Related Questions