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| Information System that provides reports to stakeholders about the economic activities and condition of the business |
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| The recording and reporting of economic data and activities for a business |
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| Uses both financial accounting and estimated data to aid management in running day to day operations and in planning future operations |
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| Accountants employed by companies, government, and non-for-Profit entities |
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| Accountant employed individually or within a public accounting firm in tax or audit services |
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| Certified Public Accountant (CPA) |
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| Public accountants who have met the states requirments. They perform General accounting. |
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| Generally accepted accounting principles (GAAP) |
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| Principles that make accounting uniform across companies |
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| Financial Accounting Standards Board (FASB) |
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| The Authoritative body having the primary responsibility for developing accounting principles |
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| Limits the economic data in the accounting system to data related directly to the activities of the business. ( the business is viewed as an entity seperate from its owners, creditors, or other stakeholders.) |
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| Requires that the accounting records and reports be based upon objective evidence. Only the final price should be in report. |
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| Requires that economic data be recorded in dollars. |
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| Resources owned by a business. Cash, land, buildings, equipment, etc. |
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| The rights of the creditors represent debts of the business. |
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| Liabilities + Owners Equity |
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Assets = Liabilities + owners equity
Owners equity = Assets - Liabilities |
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| a business paying somebody or being payed |
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| Stock Issued to owners in a corporation |
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| The owners equity in a corporation |
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| Money recieved for interest |
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| The money used in earning revenue |
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| Distributions of earnings to stockholders |
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| Financial statement order |
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Definition
1. Income Statement
2. Retained earnings statement
3. Balance Sheet
4. Statement of Cash flows |
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Definition
| a Summery of the revenue and expenses for a specific period of time, such as a month or year |
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| Retained Earnings Statement |
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| A summery of the changes in the earnings retained in the coporation for a specific period of time, such a month or year |
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| A list of the assets, liabilities, and owners equity as of a specific date, usually at the close of the last day of a month or year. |
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| A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year. |
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| Income statement process that matches the expenses with the revenue over the expenses incurred |
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| The excess revenue over expenses |
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| If the expenses exceed the revenue |
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| Assets on the left side and Liabilities and owners equity on right side. |
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| When something is purchased on an account (tab) it is a liability listed under accounts payable |
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| an assett in which the revenue is earned as if cash had been received |
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| Revenue earned from interest |
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| Revenue from providing services |
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| Provide Services rather than products to customers. EX - Disney, Hotels, Radio |
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| Sell Products they purchase from other businesses to customers. EX- Wal-Mart |
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| Owned by one individual and comprise 70% of business organizations in US. Cost of Organizing low, limited to financial resources of owner, Small Businesses |
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| Business owned by 2 or more individuals. Combine skills of more than one person. |
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| Organized under state or federal statutes as a seperate legal taxable entitiy. |
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