ACT 2200- Final Exam Guide - Comprehensive Notes for the exam ( 119 pages long!)

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5 Dec 2017
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NSU
ACT 2200
FINAL EXAM
STUDY GUIDE
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SET 1
Stakeholder
Tied to the organization in some way
Resources
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or
organization in order to function effectively. (Biggest Money and Time)
Primary Stock Market
Direct Public Offering
Secondary Stock
Someone taking your money to invest in stock (DOW Jones, NASDAQ, etc.)
Bond
Loan company money and get paid back
WAYS COMPANIES CAN RAISE MONEY
Investor, Creditor, Day to Day Operations
GAAP
Generally Accepted Accounting Principles (US Policy)
IFRS
International Financial Reporting Standards
IRC
Internal Revenue Code
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Financial Accounting
External to the organization (Convey info to outside stakeholders)
Managerial Accounting
To internal Management/Stakeholders of the company
Audit
Checks if the organization is following GAAP
Income Statement
Financial Info through a period of time
Statement of Changes in Equity
Details the change in owners' equity over a period of time
Statement of Cashflow
How the cash has changed for a given period of time
Accounting Cycle
1 - Record Transactions
2 - Adjust Accounts
3 - Prepare Financial Statements
4 - Close the temporary Accounts (Revenue and Expense Accounts)
Accounting Equation
Assets = Liabilities + Stockholder's Equity
Assets
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