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Definition
| The art of recording, tracking and analyzing all transactions in the operations of any business |
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Securities & Exchange Commission :-
They see that companies present accurate financial reports |
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Financial Accounting Standards Board :-
Independent and not regulated by government |
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| Generally Accepted Accounting Principles |
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Definition
| International Accounting Standards Board |
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Definition
| Measures put in place internally by companies to prevent fraud and such |
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| 3 TYPES OF FINANCIAL STATEMENTS |
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Definition
1. Income Statement
2. Balance Sheet
3. Statement of Cash Flow |
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Term
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Definition
Any resource owned by the business and is expected to create benefits in future operations.
eq - Cash, Investments, Inventory, equipments, building/property, ac recievable |
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Definition
Any claim into the assets that the owner of the business has
eg:- Capital Investments, stocks/bonds, dividends, etc |
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| Cash Flow = Money in – Money Out |
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| Sales Or revenues are the inflows to the business from providing services |
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| Cost Of Goods Sold , Owners Equity, (gets recorded in cogs t account and inventory t account) |
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Term
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Definition
1. Financial Accounting (External)
2. Managerial Accounting (Internal)
3. Taxation |
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| 3 TYPES OF FINANCIAL STATEMENT |
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Definition
1. INCOME STATEMENT
2. BALANCE SHEET
3. STATEMENT OF CASH FLOW |
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Definition
| SALES OR REVENUE - EXPENSES = NET INCOME |
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Definition
| ASSETS = LIABILITY + OWNERS EQUITY |
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| 3 TYPES OF CORPORATE BUSINESS STRUCTURE |
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Definition
1. SOLE PROPRIETORSHIP
2. PARTNERSHIP
3. CORPORATION (LLC, PLC) |
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Term
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Definition
DIVIDENDS DECLARED
DIVIDENDS PAID |
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