ACC 240 Study Guide - Fall 2018, Comprehensive Midterm Notes - Financial Statement, Accounting, Standard Accounting Practice
Document Summary
A system of analyzing, recording, and summarizing the results of a business"s activities and then reporting the results to decision makers. A planned process for providing financial information that will be useful to management. Financial reports that summarize the financial results of operating, investing, and financial activities. Financial rights to the assets of a business. An amount that the company owes to creditors. Owners claims to resources common stock and retained earnings. An equation showing the relationship among assets, liabilities, and owner"s equity. The principles of right and wrong that guide an individual in making decisions. A business activity that changes assets, liabilities, or owner"s equity. A record summarizing all the information pertaining to a single item in the accounting equation. Expense are all cost of doing business that is necessary to earn revenues. Sole proprietorship form of business owned by one individual.
