Study Guides (400,000)
US (230,000)
EMU (90)
ACC (10)
Kurek (4)
Study Guide

ACC 240 Study Guide - Fall 2018, Comprehensive Midterm Notes - Financial Statement, Accounting, Standard Accounting Practice


Department
Accounting
Course Code
ACC 240
Professor
Kurek
Study Guide
Midterm

This preview shows pages 1-3. to view the full 48 pages of the document.
ACC 240
MIDTERM EXAM
STUDY GUIDE
Fall 2018

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Accounting
A system of analyzing, recording, and summarizing the results of a business's activities and then
reporting the results to decision makers.
Accounting system
A planned process for providing financial information that will be useful to management.
Accounting records
Organized summaries of a business's financial activities.
Financial statements
Financial reports that summarize the financial results of operating, investing, and financial activities
1.) income statement
2.) Statement of retained earnings
3.) Balance sheet
4.) Statement of cash flows
Proprietorship
A business owned by one person.
Asset
Anything of value that is owned.
Equities
Financial rights to the assets of a business.
Liability
An amount that the company owes to creditors.
Stockholders equity
find more resources at oneclass.com
find more resources at oneclass.com
You're Reading a Preview

Unlock to view full version

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Owners claims to resources
common stock and retained earnings
Accounting equation
An equation showing the relationship among assets, liabilities, and owner's equity.
Ethics
The principles of right and wrong that guide an individual in making decisions.
Transaction
A business activity that changes assets, liabilities, or owner's equity.
Account
A record summarizing all the information pertaining to a single item in the accounting equation.
Account title
The name given to an account.
Account balance
The amount in an account.
Revenue
earned by selling goods or services
Expense
are all cost of doing business that is necessary to earn revenues
Sole Proprietorship
form of business owned by one individual
find more resources at oneclass.com
find more resources at oneclass.com
You're Reading a Preview

Unlock to view full version