Accounting PrinciplesAccounting
Complete Study
Principles
Guide
Accounting
Complete
Key Concepts
Study
Principles
Guide
Financial
Complete
KeyAccounting
Concepts
Study Guide
Financial
and Managerial
KeyAccounting
Concepts
Accounting.pdf
Financial
and Managerial
Accounting
Accounting.pdf
and Managerial Accounting.pdf
Accounting
Principles
Complete Study
Guide Key
Concepts Financial
Accounting and
Managerial
Accounting
Accounting PrinciplesAccounting
Complete Study
Principles
Guide
Accounting
Complete
Key Concepts
Study
Principles
Guide
Financial
Complete
KeyAccounting
Concepts
Study Guide
Financial
and Managerial
KeyAccounting
Concepts
Accounting.pdf
Financial
and Managerial
Accounting
Accounting.pdf
and Managerial Accounting.pdf
,Accounting.pdf Accounting.pdf Accounting.pdf
Assets Things company owns & uses to generate revenue
Liabilities Amount that company owes
Equity Amount invested in company by owners; owners claim no assets
Accounting equation Assets = liabilities + equity
Truism in business Company never receives greater than it gives & never gives greater than it
receives
4 Rules of debits & credits 1. Debit amount received; credit amount given up
2. Debuts on left; credits on the right
3. In each transactions; list debits first (good) & credits last (bad)
4. Total debits = total credits
Making an ethical decision 1. Identify ethical concerns- use personal ethics to recognize concern
2. Analyze options- consider all good & bad consequences
3. Make ethical decision- choose best option given circumstances
Accounting.pdf Accounting.pdf Accounting.pdf
, Accounting.pdf Accounting.pdf Accounting.pdf
Fraud Intentional manipulation- focus on prevention. Once fraud is committed, loses are
rarely retrieved.
Fraud Triangle Opportunity (low risk of being caught), Financial Pressure (incentive),
Rationalization (making situation justifiable)
GAAP (generally accepted accounting principles) Financial accounting is governed by concepts & rules.
1. Relevant info affects decision of user
2. Reliable info trusted by users
3. Comparable info aids in contrasting organizations
SEC- Securities and Exchange Commission Federal agency congress has charged to set reporting rules for org that sell
ownership shares to public
FASB (Financial Accounting Standards Board) Independent group of full-time members responsible for setting accounting rules
IASB (international accounting standards board) Group that identifies preferred accounting practices & encourages global
acceptance; issues IFRS
Accounting.pdf Accounting.pdf Accounting.pdf
Complete Study
Principles
Guide
Accounting
Complete
Key Concepts
Study
Principles
Guide
Financial
Complete
KeyAccounting
Concepts
Study Guide
Financial
and Managerial
KeyAccounting
Concepts
Accounting.pdf
Financial
and Managerial
Accounting
Accounting.pdf
and Managerial Accounting.pdf
Accounting
Principles
Complete Study
Guide Key
Concepts Financial
Accounting and
Managerial
Accounting
Accounting PrinciplesAccounting
Complete Study
Principles
Guide
Accounting
Complete
Key Concepts
Study
Principles
Guide
Financial
Complete
KeyAccounting
Concepts
Study Guide
Financial
and Managerial
KeyAccounting
Concepts
Accounting.pdf
Financial
and Managerial
Accounting
Accounting.pdf
and Managerial Accounting.pdf
,Accounting.pdf Accounting.pdf Accounting.pdf
Assets Things company owns & uses to generate revenue
Liabilities Amount that company owes
Equity Amount invested in company by owners; owners claim no assets
Accounting equation Assets = liabilities + equity
Truism in business Company never receives greater than it gives & never gives greater than it
receives
4 Rules of debits & credits 1. Debit amount received; credit amount given up
2. Debuts on left; credits on the right
3. In each transactions; list debits first (good) & credits last (bad)
4. Total debits = total credits
Making an ethical decision 1. Identify ethical concerns- use personal ethics to recognize concern
2. Analyze options- consider all good & bad consequences
3. Make ethical decision- choose best option given circumstances
Accounting.pdf Accounting.pdf Accounting.pdf
, Accounting.pdf Accounting.pdf Accounting.pdf
Fraud Intentional manipulation- focus on prevention. Once fraud is committed, loses are
rarely retrieved.
Fraud Triangle Opportunity (low risk of being caught), Financial Pressure (incentive),
Rationalization (making situation justifiable)
GAAP (generally accepted accounting principles) Financial accounting is governed by concepts & rules.
1. Relevant info affects decision of user
2. Reliable info trusted by users
3. Comparable info aids in contrasting organizations
SEC- Securities and Exchange Commission Federal agency congress has charged to set reporting rules for org that sell
ownership shares to public
FASB (Financial Accounting Standards Board) Independent group of full-time members responsible for setting accounting rules
IASB (international accounting standards board) Group that identifies preferred accounting practices & encourages global
acceptance; issues IFRS
Accounting.pdf Accounting.pdf Accounting.pdf
