[ACCT 2001] - Midterm Exam Guide - Everything you need to know! (22 pages long)

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7 Feb 2017
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ACCT 2001
MIDTERM EXAM
STUDY GUIDE
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2 major classes of business activities
Business planning activities each manager faces
Operating activities- operating the business each day
Ex. How much cash will I need for personal expenses? How much
can I earn from jobs to offset these expenses?
Investing activities- investing the resources of the business in income
producing assets
Ex. How much cash will I need for tuition, fees, and books each
year? If I need a car, how much will it cost?
Financing activities- obtaining financial resources
Ex. How will I get cash resources to meet investing and operating
requirements- not from jobs- possible source: loans, scholarships,
parents
Business reporting and assessment activities each manager faces
Preparing & interpreting reports which summarize the results of business
activities
Main summary accounting reports: balance sheet, income statement, and
statement of cash flows
Planning=process, components: budget & control
1. Developing assumptions about the future environment the business will operate
in and the competition it will face
2. Establishing goals & objectives for the business
3. Making decisions about courses of action for the business
4. Developing and putting plans into action
5. Evaluating the results based on the action plans
Budget- financial plan for a future period
Controlling- process of measuring and evaluating actual performance and taking
corrective action
Accounting- information system & language of business; generates financial information
about a business that users rely on to make decisions
1. Collect financial data and other economic data
2. Process data by organizing and storing it for use in reporting
3. Communicate information to financial statement users
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Accounting information system- resources and procedures in a business that changes
economic data into financial information
Managers use information to make decisions and to report results to external &
internal users
Management Accounting- provides information to internal users
Financial Accounting- provides information to external users
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