New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

01-12-15 Day 1

by: Sneha Chaturvedula

01-12-15 Day 1 ACC 231

Sneha Chaturvedula
GPA 4.17
Uses of Accounting Info

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Uses of Accounting Info
One Day of Notes
25 ?




Popular in Uses of Accounting Info

Popular in Accounting

This 6 page One Day of Notes was uploaded by Sneha Chaturvedula on Monday January 12, 2015. The One Day of Notes belongs to ACC 231 at Arizona State University taught by Rosano in Winter2015. Since its upload, it has received 497 views. For similar materials see Uses of Accounting Info in Accounting at Arizona State University.

Similar to ACC 231 at ASU

Popular in Accounting


Reviews for 01-12-15 Day 1


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/12/15
C i 151ng ACC Z31 Chapter 1 Lecture Notes quot What is a business 335 why study accounting What is a business owl cuh c h quotwhiff a 3 23x W llf s S i o h areng vb quotW V I P l k w gt a alchch 5 1 Ehtxtvj s quot egg 55 bj C30 4 Q i i i m am if 39 V quot A 1 er in all x lt5lt ugt l Iquot A Pl ry uck 12 90v featurh 03 mohe mamas Subgti tyres 2 Ex Chang 1 goods iphc zgicai prc tuc quot services oc vlt es oert brmeci 3 G39ggxta chluei Vc u e is vexl Subgegtive 344 Giana be meagurga when 1an pYOc U z LT ES How does a business accomplish the three things listed above if Acccunm hey 39I n tin e r basin egg but H Wiizl ma 39Thb s Linc f w Ag 3 with the PVC if yacogihflnczss We doi More specifically what activities need to take place 0 K9 ace3m ncj v Step 0 We i nobi me that a CV omsoch cm I has tat p Lax cue 39 Mmsu n b quotEMS is J V ew Q kahtlf ccgkm anquot Hmquot 39 Hang action Dr event quotEhcxt PICKS Gwrre e Spring 2015 Copyright School of Accountancy Arizona State University 1 ACC 231 Chapter 1 Lecture Notes 2 i39r i 39th t ii 73 is itquot use gamma been cplquotKAT early 1 3 buisinaetgg m legg R H I W S SS 773 3 r r U Kl T CV C t t A 39 l 39 4397quotquot 6 lawn 61mg 0 Eap31 np thijis ii ugh k1 WELLS 05s 1 O a y 3 ts quotQQQXI 39i he bug me Yeng x t 39 u 39 A Jc f 1 739 39 a 39T t hf ct CriWQ39i WE TL h i 31 Cm C35 iclT d t3LAT hGZquot i39T i egg Can you tie back what you learn EVERY LESSON to these basics Now that we have our working and textbook definition of accounting let us ask a tangential but important question Like the actors in a plg who are the players involved in business Obvious answer Hd I i t 39 w 3Q 4 f iquotllt famp Abitdeeper g39tic ilk hind Eifg ti Rf E5er b1 Let us return from our tangent and build upon what we were talking about previously Remember we defined business and then we defined the role of accounting as it pertains to business With this business imperative to recognize measure record and report transactions we must ask the question how can we accomplish accounting In order to understand how to accomplish accounting let us consider how a business operates How can jnd does aL business operate One word CLVCK i Spring 2015 Copyright School of Accountancy Arizona State University 2 ACC 231 Chapter 1 Lecture Notes n d I 5 New Y 3 1 u gt a 39 Tl CXYTiCl mg a milieu r amt Lap 1 04 N35 L hc i N 35 asquot i 3m v 633 quot5 cg 39tC 1K 360 aid 1fo a g r 1quotf in 6r Ji z lti ifst l c j4 QCb WVEZ ft39 Lap call quotb1 J 33 O esra has these are quotC V W e pr i nc mj Ci Gt Win sisis bug rquot 635 ci ca qtfig i 0 VWQKQ Can you classify all future activities as falling within one of these categories We have now defined business and accounting and described a little bit about how accounting helps businesses maintain a record of the business transactions Let us revisit the definition of business and dive a little deeper for a better level of understanding Our definition of business started with what What types of legal entities are there gale Proprim in 1 an e irxc w IPCkVtY lefghlp 4 l W39s PCyf ct lu fs L L C m i is 1 0 i l i ii utility39wa Y c3 Our concern is with the corporation but why C VIOQ 3 Spring 2015 Copyright School of Accountancy Arizona State University ACC 231 Chapter 1 Lecture Notes What about the corporation is so important that we are studying accounting as it pertains to corporations Pubiic mp bam ig estquot Cav mtrl ctms 9303 Tot VWCW p 3 3 55 C51 COW CQCr 30 w WO is totecxed Czcmarmn apt teats the i nvefStUiquot 9r 0 3quot quotchisise i rift 1 Since we are now talking about standards let us learn about who sets what standards in accounting and by what principles are these standards created What are the rules EA 3 15 Accepted Acmuht wnca 39Vrirwc piecequot Who creates the rules FAST E FR nmnci xi Acxxgwht i was gtcmhdorc s Orc So about these rules Are all businesses created equal What are GAAP principles incipie 1 the bug n 2553 3 3 SE canaha PY 39 P QV SCJ i o Cyfjeatiwt f Shift r acorCieL5 beg mi nterm can dome QACxCHL 3 Cindi 3lt 39lrhe exact Same VESLMT C13 it it were dais 1 13 Cm K39texngi Spring 2015 Copyright 0 School of Accountancy Arizona State University 4 ACC 231 Chapter 1 Lecture Notes CL 339 7 acorcis are 6 car 4th e t W 1 Cir Pcawci x emf the re nesth Spm getawaywt ih f Q Y tC Ss 39u cztue39 arem3 longeyned with m nutH O o 0 Ccamfg a vatkst 1 63 Iraqis area if apt cart G w 13 ngg b QWMYW mimer lt33 Vain Ci QP C UH 39 Now that we have a baseline for our rules i e GAAP and the body that determines those rules i e FASB let us consider the actual recognition of transactions What is considered a transaction Or how do we know a transaction has taken place ACCrua ACccunti v recac mgg at h omgcmj gm c am an quot9 7 OCCUKVS hot hQCLS Sackw vx when 3 3 C1055 in images mama VwF h Dc 7 m 39 CQSEW Acaaexh 7mg recccinigc amiss adobequot Gaggm t3 With this fundamental definition of a transaction let us now consider how we might better recognize a transaction and thereby record it Spring 2015 Copyright 0 School of Accountancy Arizona State University 5 ACC 231 Chapter 1 Lecture Notes What has been exchanged o 3 rule c1 3536t 55 o T iqht gm 39quot 1i0bgt3 1e3 gtegtlt1tszg et x City The Fundamental Equation quot I quot WM D fquot w 6quot v t 9 A35 1 Li am h h g tocLhOid ex 3 aqu t3 What does the equation tell us Smup na tquot gt43 QC ng 0m is C u r r amt F1 name i m pcwg s 0 i We know that when we record transactions we put that information into the accounting equation which is found in the balance sheet Yet is the balance sheet enough to tell us the whole story Have I learned anything today Spring 2015 Copyright C School of Accountancy Arizona State University


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.