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ACCT 2023 - CHAP 1

by: Tram Dang

ACCT 2023 - CHAP 1 ACCT 2013

Tram Dang
GPA 3.8

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About this Document

financial accounting business structures business activities income statement statement of stockholders' equity balance sheet
Accounting Principles
Cynthia Daily
Class Notes
financial accounting
25 ?




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This 2 page Class Notes was uploaded by Tram Dang on Tuesday September 6, 2016. The Class Notes belongs to ACCT 2013 at University of Arkansas taught by Cynthia Daily in Fall 2016. Since its upload, it has received 6 views. For similar materials see Accounting Principles in Accounting (ACCT) at University of Arkansas.

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Date Created: 09/06/16
8/23/2016 Functions of financial accounting Measurement and Communication People make decision about companies  Financial Accounting ● Managerial accounting: information provided for internal users ● Financial accounting: information provided for external users ➔ The focus of this course  Asset  = Liabilities ( creditors' claims) + Stockholders' Equity ( owners' claims)  Resource                                             Claims to Resources  ● Assets = resources of the company ● Liabilities = creditors' claims to resources ● Stockholders' equity = owners' claims to resources Revenues, Expenses, and Dividends ● All profits of the company are claimed solely by stockholder ● Profit = Revenues ­ Expenses. ○ Profit is often referred to as net income. ● Revenues = Sales of products or services to customers. ● Expenses = Costs of selling products or services ● Dividends = Distribution of profit to stockholder  Business Structures ● Sole proprietorship: business is owned by one person ● Partnership: business is owned by two or more persons ● Corporation: business is legally separate from its owners (pay more taxes) ○ Limited liability of stockholders.  Business Activities ● Financing activities: transactions the company has with investors and creditors ● Investing activities: transactions involving the purchase and sale of resources  that provided benefit for several years ● Operating activities: transactions that relate to the primary operations of the  company  Income Statement Reports the company's revenues and expenses over an interval. Statement of Stockholders' Equity Summarizes the changes in stockholders' equity over an interval of time ● Stockholders' Equity = Common stock + Retained Earnings Balance sheet Presents the financial position of the company on a particular date ● Balance sheet = Resources ­ Liabilities account would appear in a company's income statement (rent expense) Statement of Cash Flows Measures activities involving cash receipts and cash payments over interval of time ● Operating cash flows ­ cash transactions involving revenues and expense ● Investing cash flows ● Financing cash flows Roles of Auditors


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