D196- Principles of Financial and Managerial
Accounting
bookkeeping day to day keeping of transcations
identify issue
gather
steps of decision making
information
identify
alternatives
select option that most likely results in desired objective
analysis of events
accounting
record and report financial effects of business activities
investors
where does capital come from creditors(len
(3) ders)
business itself (from earnings retained)
2 main types of accounting financial and managerial
managerial accounting gather and analysis of information for internal use and decision
making.
gather, report, analysis of information for external users-
financial accounting
investors and creditors. summary of a business
product cost, breakeven analysis, budgeting,
what does managerial
accounting review performance analysis, outsource production
what does financial accounting credit analysis, financial health, estimate value of the company
review
examples of external annual report, financial statement, balance sheet, income
financial reports for statement, statement of cash flow
financial accounting
reports assets and liabilities. basic.
balance sheet
list as of a point in time. as of today, as of yesterday
how much did you ,ake
income statement
period of time - from nov to jan
where did the cash come from and
statement of cash flow
where did the cash go period of time -
from nov to jan
, lends money with intend to get it back plus interest. need
lender
current income, existing obligations, existing assets,
payroll stub, tax return, monthly payments, bank stmts
buys into your company. looks at if the business is
investor
profitable, what they are buying, buying obligations,
potential future projections
what forms will the manager both financial and managerial
of a business use
financial accounting standards board
private group, not govt agency, no legal authority,
fasb- what does it stand for, conducted of people from a variety of business related
who are they and what do backgrounds.
they do establishes financial accounting and reporting
standards for private sector companies
1 of the two boards that make up GAAP
governmental accounting standards board
gasb- what does it stand for, sets accounting and financial reporting standards for
who are they, what do they state and legal governments. authority over financial
do reporting by government entities
1 of the two boards that make up GAAP
gaap generally accepted accounting principles
Securities and Exchange Commission
regulates us stock exchange. provides investors with full
sec
and fair information about publicly traded companies.
legal punishment
International Accounting Standards Board
iasb develop international accounting standards. made up of
members from many countries
american institute of certified public
aicpa accountants administers the cpa exam.
enforces professional sanction by taking away cpa license when
acted unethically.
accumulate and report on financial information about
role and purpose of accounting performance, financial position, cash flow of a business.
used to reach decisions about how to manage the
business, invest in it, or lend money to it
what is a balance sheet statement of what they have and how they financed it at a specific
point in time.
balance sheet equation assets = liabilities + owners equity
what they own or control that will provide
what are assets and examples
probable future benefits cash, accts
receivable, inventory, buildings, land.
what we owe. obligations that require future sacrifice.
what are liabilities and examples phone bill, car loan, accts payable, fed and state govt
tax, mortgage, unearned revenue
owners share, stockholders equity, how much owner
originally invested in business + how much profit they have
Accounting
bookkeeping day to day keeping of transcations
identify issue
gather
steps of decision making
information
identify
alternatives
select option that most likely results in desired objective
analysis of events
accounting
record and report financial effects of business activities
investors
where does capital come from creditors(len
(3) ders)
business itself (from earnings retained)
2 main types of accounting financial and managerial
managerial accounting gather and analysis of information for internal use and decision
making.
gather, report, analysis of information for external users-
financial accounting
investors and creditors. summary of a business
product cost, breakeven analysis, budgeting,
what does managerial
accounting review performance analysis, outsource production
what does financial accounting credit analysis, financial health, estimate value of the company
review
examples of external annual report, financial statement, balance sheet, income
financial reports for statement, statement of cash flow
financial accounting
reports assets and liabilities. basic.
balance sheet
list as of a point in time. as of today, as of yesterday
how much did you ,ake
income statement
period of time - from nov to jan
where did the cash come from and
statement of cash flow
where did the cash go period of time -
from nov to jan
, lends money with intend to get it back plus interest. need
lender
current income, existing obligations, existing assets,
payroll stub, tax return, monthly payments, bank stmts
buys into your company. looks at if the business is
investor
profitable, what they are buying, buying obligations,
potential future projections
what forms will the manager both financial and managerial
of a business use
financial accounting standards board
private group, not govt agency, no legal authority,
fasb- what does it stand for, conducted of people from a variety of business related
who are they and what do backgrounds.
they do establishes financial accounting and reporting
standards for private sector companies
1 of the two boards that make up GAAP
governmental accounting standards board
gasb- what does it stand for, sets accounting and financial reporting standards for
who are they, what do they state and legal governments. authority over financial
do reporting by government entities
1 of the two boards that make up GAAP
gaap generally accepted accounting principles
Securities and Exchange Commission
regulates us stock exchange. provides investors with full
sec
and fair information about publicly traded companies.
legal punishment
International Accounting Standards Board
iasb develop international accounting standards. made up of
members from many countries
american institute of certified public
aicpa accountants administers the cpa exam.
enforces professional sanction by taking away cpa license when
acted unethically.
accumulate and report on financial information about
role and purpose of accounting performance, financial position, cash flow of a business.
used to reach decisions about how to manage the
business, invest in it, or lend money to it
what is a balance sheet statement of what they have and how they financed it at a specific
point in time.
balance sheet equation assets = liabilities + owners equity
what they own or control that will provide
what are assets and examples
probable future benefits cash, accts
receivable, inventory, buildings, land.
what we owe. obligations that require future sacrifice.
what are liabilities and examples phone bill, car loan, accts payable, fed and state govt
tax, mortgage, unearned revenue
owners share, stockholders equity, how much owner
originally invested in business + how much profit they have
