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Accounting Chapter 1

Accounting 203 GMU - chapter 1

QuestionAnswer
forms of business organization Sole proprietorship, partnership,corporation
sole proprietorship a business owned by one person
partnership two or more people associated a partners
corporation a business organized as a separate legal entity owned by shareholders
Accounting the information system that identifies, records and communicates the economic events of an organization to interested users
users of accounting system internal users, and external users
types of internal users marketing managers, production supervisors, finance directors and company officers
types of external users investors, creditors. tax authorities, customers, labor unions, regulatory agencies
three types of business activity operating, investing, financing
financing activities - two primary sources of funding borrowing money and issuing shares
liabilities amount owed to creditors ex: bonds payable, notes payable.
bonds payable debt securities sold to investors that must be repaid
note payable money borrowed from a bank
give an example of investing activities purchase of assets
assets resources owned by a business. ex: property, plant, and equipment, cash, investments.
give an example for operating activity revenue. ex: sales revenue, interest revenue , services revenue
give an example of short lived assets supplies
expenses costs of assets. ex: cost of goods sold, marketing expenses, selling expenses, admin expenses income tax, interest expenses.
accounts payable obligation to pay for goods on credit.
the four financial statements income statement, retained earnings statement, balance sheet, statement of cash flows
what does the income statement report? reports revenues and expenses
retained earnings statement the net income retained in the corporation
what is the balance sheet made from assets, liabilities and stockholders equity
basic accounting equation assets = liabilities + stockholders equity
on the balance sheet stockholders equity is comprised of what two parts ? common stock, and retained earnings
statement of cash flows financial information about cash receipts and cash payments of a business for a specific period of time.
what company activity is reported on the statement of cash flows operating, investing, and financing
three additional reports management discussion and analysis, notes to the financial statements , and independent auditors report
MD&A management discussion and analysis. ability to pay near-term obligations, ability to fund operations and expansion, results of operation.
unqualified opinion
Created by: goudakid78