BUSN 110 Study Guide - Midterm Guide: Opportunity Cost, Financial Accounting Standards Board, Financial Statement
Document Summary
Accounting a system for recognizing, organizing, analyzing and reporting information about the financial transactions that affect an organization. Financial accounting by owners, creditors, suppliers, and external stakeholders the branch that prepares financial statements for use. Gaap generally accepted accounting principles are standards used in the preparation of financial statements. Fasb financial accounting standards board that establishes the generally accepting accounting principles used in the practice of financial accounting. Balance sheet firm by identifying and reporting the value of the firm"s assets, liabilities, and owners" equity a financial statement that reports the financial position of a. Liabilities claims that outsiders have against a firm"s assets the claims a firm"s owners have against their company"s. Income statement and net income that resulted from a firm"s operations over an accounting period the financial statement that reports the revenues, expenses, Revenue provision of services, or other activities intended to earn income increases in a firm"s assets that result from the sale of goods,
