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Textbook Notes for m

U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 1: Management Accounting, Financial Statement, Income Statement

OC2055433 Page
11 Nov 2013
30
The information system that identifies and records the economic events of an organization, and then communicates them to a wide variety of interested u
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 3: Accounting Equation, Financial Statement, General Ledger

OC2055434 Page
11 Nov 2013
23
The system of collecting and processing transaction data and communication financial information is the accounting information system. Transactions are
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 2: Financial Statement

OC2055432 Page
11 Nov 2013
24
A coherent system of inter-related objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limi
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 5: Perpetual Inventory, Walmart, Gross Margin

OC2055433 Page
11 Nov 2013
27
Service companies perform services as their primary source of revenue (ex: accounting firm, law office) Merchandising companies buy and sell merchandis
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 4: Matching Principle, Accrual, Financial Statement

OC2055432 Page
11 Nov 2013
25
Divides the economic life of a business into artificial time periods. Ex: interim period (month, quarter) or year (fiscal, calendar) Dictates that reve
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 8: Direct Marketing, Intangibility, Personal Selling

OC2055435 Page
11 Nov 2013
34
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U OF GACCT 2220mWinter

ACCT 2220 Chapter Notes - Chapter 6: Perpetual Inventory, Internal Control, Weighted Arithmetic Mean

OC2055433 Page
11 Nov 2013
24
Whether companies use a periodic or perpetual system, physical inventory must still be counted at the end of the period. This will identify inventory s
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