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Chapter 8- Lecture with Dr. Swaney

by: Erica Bass

Chapter 8- Lecture with Dr. Swaney BUS 100

Marketplace > DCH Regional Medical Center > Business > BUS 100 > Chapter 8 Lecture with Dr Swaney
Erica Bass
GPA 3.54
Essential Business Skills

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About this Document

This is from the lecture 10/15/2015 with Dr. Swaney on accounting.
Essential Business Skills
Class Notes
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This 2 page Class Notes was uploaded by Erica Bass on Thursday October 15, 2015. The Class Notes belongs to BUS 100 at DCH Regional Medical Center taught by Lents/Kelly in Summer 2015. Since its upload, it has received 23 views. For similar materials see Essential Business Skills in Business at DCH Regional Medical Center.


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Date Created: 10/15/15
What is Accounting System for recognizing organizing analyzing and reporting information about the nancial transactions that affect an organization Why should you care about accounting Finance management of large amounts of money Ex Finding companies or stocks to invest in Accounting is the language of business What is accounting Information for decision making Financial Accounting Managerial Accounting External users investors creditors govt Internal users managers board of direct Historical costs from past decisions Oriented to future costs and decisions reports prepared quarterlyannually Reports prepared needed timely decisions Focus on nancial data Financial and non nancial data 4 Basic Financial Statements 0 Income statement calculating net income of a company Net income RevenuesExpenses Revenues are sales of goods and services Expenses are the costs of doing business labor materials advertising and utilities Revenue Recognition Principle revenues recorded at sale whether or not cash is received Matching Principle Expenses are recorded when the products are sold 0 Statement of retained earnings earningsincomepro t tells you what pro t has been retained in the company 0 Balance sheet Assets Liabilities Stockholders39 Equity Assets resources owned by a company Liabilities resources owned to creditors Stockholders equity resources left for owners 0 Statement of cash ows statement of how cash ows in and out of a business


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