Ch1-financing.docx

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Department
Accountancy
Course
ACCY 201
Professor
Susan Curtis
Semester
Spring

Description
Ch1: Financial Statements and Business Decisions  03/11/2014 Owner­managers: When the founders or owners of a business also function as the managers of that  business. Creditor: A company or person that is a lender for a company, providing them with a loan Investors: People that provide money to the company in order to own equity in it Dividends: A portion of what the company earns in the form of cash payments Financing activities: Borrowing additional money or paying back money to lenders and receiving  additional funds or paying dividends to owners Investing activities: Buying or selling items used in producing items Operating activities: Buying or selling of items used in day to day operations Suppliers: Companies that provide goods  Customers: Companies or people that gods are sold to Internal decision makers: Managers or people in charge of the company that reports the information External decision makers: Parties outside the firm that use the reports produced by the system Managerial accounting: Developing accounting information for internal decision makers Financial accounting: Accounting for external decision makers Balance Sheet: Purpose: to report the financial position (amount of assets, liabilities and stockholders’ equity) of an  accounting entity at a particular point in time Structure: 1. Name of entity. 2. Title of the statement 3. Specific date of statement. 4. Unit of measure Basic Accounting equation: Assets =Liabilities +stockholders equity Assets: economic resources such as cash, inventory Liabilitie
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