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Chapter 1

USA Accounting Chapter 1

QuestionAnswer
What are the three basic activities of accounting? identifies, records and communicates
What are some examples of economic events relevant to business? sole of snack chips by PepsiCo, providing of telephone services by AT&T, payment of wages by Ford Motor Company
What does recording consist of? keeping systmeatic, chronological diary of events, measured in dollars and cents
How does a company communicate collected information to intrested users? accounting reports
What are the most common collected information or accounting reports called? financial statements
What does Analysis involve? use of ratios, percentages, graphs, and charts to highlight significant financial trends and relationships
What does Interpretation involve? explaining the uses, meaning, and limitations of reported data
What is bookkeeping? only the recording of economic events
Who is an internal user? individuals inside a company
What does an internal user do? plan, organize, and run the business
Name some examples of an internal user? marketing managers, production supervisors, finance directors and company officers
What question would a internal user ask about finace? is cash sufficient to pay dividends to stockholders?
What question would a internal user ask about marketing? what price for my product will maximize the company's net income?
What question would a internal user ask about Human Resources? Can we afford to give employees pay raises this year?
What question would a internal user ask about Management? Which product line is the most profitable? Should any product lines be eliminated?
Who are External users? and individuals and organizations outside a company who what financial information about the company
Who are the two most common External users? investors and creditors
Why would inverstors use account information? to make dexisions to buy, hold or sell stock
Why would creditors use account information? to evaluate the risk of granting credit or lending money
What are some questions asked by external users? Is the company earning satisfactory income?How does one company in and profit compare with another?
What are some questions asked by external Creditors? will the company be able to pay its debts as they come due?
What is an example of Taxing authorities? Internal Revenue Service
What is an example of Regulatory agencies Securities and Exchange Commission and Federal TRand Commission
What would a Labor union want to know about financial accounting? whether the owners can pay increased wages and benefits
What would a Customer want to know about financial accounting? whenter a company will continue to honor product warranties and support its product lines.
Created by: sbanks4
 

 



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