MGMT 20000 Study Guide - Final Guide: Bank Reconciliation, Commercial Paper, List Of The Shield Episodes
30 Jun 2016
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Chapter 1: accounting, accounting equation, assets, auditors, balance sheet, comparability, consistency, corporation, cost constraint, decision usefulness. A system of maintaining records of a company"s operations and communicating that information to decision makers. Equation that shows a company"s resources (assets) equal creditors" and owners" claims to those resources (liabilities and stockholders" equity) Trained individuals hired by a company as an independent party to express a professional opinion of the conformity of that company"s financial statements with gaap. A financial statement that presents the financial position of the company on a particular date. The ability of users to see similarities and differences between two different business activities. The use of similar accounting procedures either over time for the same company, or across companies at the same point in time. An entity that is legally separate from its owners. Financial accounting information that is provided only when the benefits of doing so exceed the costs.
