ACC 344 Study Guide - Comprehensive Final Exam Guide - Retained Earnings, Financial Statement, Balance Sheet
Document Summary
Financial accounting concerned with providing financial information to various external users (investors and creditors) Financial reporting process of providing the information to the external users. Corporations acquire capital from investors in exchange for ownership interest and from creditors by borrowing. Initial market transactions involve issuance of stocks and bonds by the corporation. Secondary market transactions involve the transfer of stocks and bods between individuals and institutions. Gaap set of broad and specific guidelines that companies should follow when measuring and reporting the information in their financial statements and related notes. Fasb represent various constituencies concerned with accounting standards, and include representatives from auditing, profit-oriented companies, accounting educators, analysts, and govt. Iasb dedicated to developing a single set of global accounting standards for use by the world"s. = selling price - cost to prepare for sale. Current cost cost incurred to purchase (only reported if companies operate in inflationary economies.
