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Acct 115

Accounting

QuestionAnswer
GAAP Generally Accepted Accounting Principles
OCBOA Other Comprehensive Basis of Accounting
Accounting Information System that identifies, records, and communicates the economic events (transactions) of an organization to interested users.
Financial Accounting Process that culminates in the preparation of financial reports on the enterprise as a whole for use by parties, internal and external, to the organization to interested users.
Interested users Includes Internal and External users
Internal Users Workers of a organization (CEO,CFO, VP, Managers (Business,Plant, & Store), Employees)
External Users Investors(pay for ownership), creditors (must pay back), Consumers/Citizens, Government
Primary External User Creditors because of debt due
Accounting Cycle (Chapter 1-3) 1.Analyze Business 2.Record in Journal 3.Post to Central Ledger 4.Prepare an unadjusted Trial Balance
Accounting Cycle (Chapter 4-5) 5. Record & Post adjusting journal entries 6.Prepare an adjusted Trial Balance 7. F/S 8. Close
Financial Statements Principles means through which financial information is communicated to those outside an enterprise
Financial Statements examples 1.The Income Statement 2.The Statement of Retained Earnings 3.The Balance Sheet 4.The Statement of Cash Flows
Income Statement Includes Revenues - Expenses equals Net Income(or loss)
Heading of Income Sheet, Cash Flow & Retained Earnings Company name, Statement name, Date,(FYE)
Heading of Balance Sheet Company name, Statement name, Date
Revenues Performance where money is earned. Not considered revenue if money is not given immediately
Expenses Contributions to your Revenue
Statement of Retained Earnings Beginning Balance of Retained Earnings + Net Income (or loss) – Dividends Declared equals Ending Balance of Retained Earnings
Beginning Balance of Retained Earnings From the last Calendar Year
Dividend Declared Company will announce or "declare" the payment of the dividend. This will include the dividend amount, the payout date , and who gets the dividend payment. The board of directors determines money.
The Balance Sheet Assets equal Liabilities + Shareholders’ Equity
Assets Cash, Accounts Receivable, Investment, Inventory, Plant & Equipment, supplies (resource owned and operated by company), anything pre-paid (Insurance, Rent, Intangibles)
Liabilities Obligations, unearned revenue (cash received in advance of performance), Salaries, Dividends, interest, accounts, AND Notes payable, Taxes Paid
Shareholders’ Equity (Ending Balance ONLY) Contributed Capital, Investment by owners, Capital Stock.
Earned Capital Retained Earnings
Statement of Cash Flows Sources and Uses of Cash from Operating, Investing, and Financing Activites
Operating Activties Anything from Income Statement (you see most money here)
Investing Activities Buying/Selling of plant/equipment, Investment. (You don’t usually don’t want to see any money here)
Financing Activities Issuing and Buying back shares of stock. Debt and Equity would be seen here
Debit Examples Cash, Accounts, Trade, Dividend Paid, Rents Expenses, Salary Expenses, Maintenance Expenses, Fuel Expenses
Credit Example Notes Payable, Accounts Payable, Dividends Paid, Capital Stock, Dividend Declared
Created by: Boby Abraham Boby Abraham on 2010-03-29



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