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by: Randi

ACCT_Notes_week1.pdf ACCT 2102

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About this Document

Notes from week 1 of lecture! Fairly simple... just some review and new definitions!!
Principles of Accounting II
Class Notes
financial accounting, Managerial Accounting Notes, business, profit, merchandising, ethics, costs, GAAP




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This 3 page Class Notes was uploaded by Randi on Friday August 19, 2016. The Class Notes belongs to ACCT 2102 at University of Georgia taught by Farmer in Fall 2016. Since its upload, it has received 97 views. For similar materials see Principles of Accounting II in Accounting at University of Georgia.

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Date Created: 08/19/16
Week 1 Notes Chapter 1 Managerial Accounting vs. Financial Accounting Financial Acct. Managerial Acct. Rules GAAP creates strict No rules! No rules governing agency Time Focus Focused on events Focused on events that happened in that will happen in the past the future Users The information is Information is collected and used collected for by External users Internal users (people outside of (people inside of the business) the business, such as managers) Output The output takes The output will be the form as whatever the financial internal users statements need/request. The (Balance Sheet, output is usually a Income Statement, segment of the etc.) It is of the company (a store company as a vs. the entire whole company) Preparers This is only Anyone and performed by everyone does accountants!! this! Similarities: Both Managerial and Financial accounting pull data from financial accounting records *** There are many different types of jobs that accountants can do. Not all accountants are boring people who sit behind desks!  How do accountants play into the business cycle? Week 1 Notes o Plan: They present options that help people to make decisions o Direct: Accountants don’t really handle administrative decisions… only help guide decisions o Control: They check what is going on within a company  The Institute of Managerial Accountants (IMA) helps define ethics within the realm of managerial accounting. o Ethics: competence, confidentiality, integrity, and credibility Week 1 Notes Chapter 2 3 Stages of the Business Cycle: 1. Plan 2. Direct 3. Control  What is profit? o Revenue – Expense = Profit  What is the difference between a cost and an expense? o Expense is a cost incurred by generating revenue. A cost is not an expense until a sale is made. For example: Inventory is a cost. 3 Types of Business Models 1. Manufacturing (create goods… hold inventory) 2. Service (perform a service for people… does not hold inventory) 3. Merchandising (buy goods and then sale them… hold inventory) Product cost: Inventorial cost that eventually become expensed as Cost of Goods Sold. Period costs: NEVER are inventory… they are expensed the moment they are incurred! Inventory affects profit because it is initially a cost… then an expense when the sale is made… and Profit = Revenue – Expense


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