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Introduction to Accounting- 1/29/15

by: Aimee Castillon

Introduction to Accounting- 1/29/15 MBUS 300

Marketplace > George Mason University > Business > MBUS 300 > Introduction to Accounting 1 29 15
Aimee Castillon
GPA 3.61
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About this Document

Lecture notes from Chapter 1
Managing Financial Resources
Reza Rafi
Class Notes
Accounting, finance, business




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This 4 page Class Notes was uploaded by Aimee Castillon on Sunday January 31, 2016. The Class Notes belongs to MBUS 300 at George Mason University taught by Reza Rafi in Spring 2016. Since its upload, it has received 109 views. For similar materials see Managing Financial Resources in Business at George Mason University.


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Date Created: 01/31/16
Organization name Aimee Castillon Managing Financial Resources  MBUS 300 • Spring 2016 Heading: 1/29/16 Notes: Chapter 1   Intro to Accounting    ­ accounting i​ s an information system that reports on the economic activities    and financial condition of a business or other organization.     ­ Accounting provides information that is useful in answering questions about    resource allocation    ­ Market­based allocations    ­ a market​  is a group of ppl or entities organized to exchange items of    value    ­ common terms for the added value created in the transformation    process:    ­ profit    ­ income     ­ earnings    financial resources    ­ conversion agents need financial resources (money) to establish and    operate their businesses    ­ investors    ­ creditors    ­ Physical resources a ​ re called natural resources    ­ owners of physical resources seek to sell those resources to    profitable businesses which are able to pay higher prices and make    repeat purchases    ­ labor resources​  include both intellectual and physical labor    ­ workers seek relationships with businesses that have high earnings    potential because these businesses are better able to pay high    wages    types of accounting information  Know the difference  ­ financial accounting­ focused on the needs of external users  between financial and  ­ managerial accounting­ “ “ “ “ “ internal users  managerial accounting  ­ not all entities allocate resources based on profitability. Organizations that    are not motivated by profit are called ​ not­for­profit entities    ­ government, foundations, religious groups, the Peace Corps, and    various benevolent organizations allocate resources based on    humanitarian concerns          GAAP = General Accepted  Accounting Principles                            ­     careers in accounting    ­ public accounting = Certified Public Accountant (i.e. audit, tax, and    consulting services)      ­ private accounting = Certified Management Accountant; Certified Internal  Auditor    ­ accountants establish measurement and reporting rules that businesses use    to facilitate communication    ­ FASB = Generally Accepted Accounting Principles    reporting entities    ­ financial accounting reports disclose the financial activities of particular    individuals or organizations described as r ​eporting entities    ­ each entity is treated as a separate reporting unit        Elements of Financial Statements      1. assets­ what you own (i.e. cash, equipment, buildings, land)  2. liabilities­ what you owe    3. equity­ what you have in the company (stock)    4. contributed capital­ what the owner contributed to start and maintain    company    5. revenue­ what you earn by selling services or product    6. expenses­ what you spent to be able to be in the business to sell stuff    7. distributions­ what you distribute to owners as a profit    8. net income = revenue ­ expenses    9. gains­ what you make on selling equipment and properties  10. losses­ what you lose “ “ “ “ “  ­ subclassifications of the elements are frequently called a ​ccounts  ­ accounts are reported in the financial statements  accounting equation  ­ Assets = claims  ­ claims on the assets are from creditors (liabilities) and  investors/owners (equity)  ­ claims= liabilities + stockholders’ equity  ­ stockholders’ equity = common stock + retained earnings  ­ retained earning = net profit/income ­ dividend  ­ net income = revenue ­ expenses  ­ assets = liabilities + common stock + retained earnings  Types of transactions  ­ asset source transaction­ increase total assets, increase total claims  ­ asset exchange transaction­ increase one asset, decrease another asset  ­ asset use transaction­ decrease total assets, decrease total claims      Preparing Financial Statements  ­ matching concept­ ​ revenues are matched to expenses  ­ net loss results when expenses exceed revenues  ­ Income is measured for a span of time called the ​ accounting period  ­   ­   ­   ­ Three sections of cash flow statements: ​ operating, investing, &  financing  ­ the closing process transfers net income (or loss) and dividends to retained  earnings  ­ establishes zero balances in all revenue, expense, and dividend  accounts  Financial statement model  ­ annuals reports contain financial statements, notes, auditor’s report, and  management’s discussion and analysis (MD&A) 


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