an information and measurement system that identifies, records, and communicates an organization's business activities

who uses accounting information?

External Users: 1. Shareholders 2. Lenders 3. External auditors 4. Customers 5. Regulators 6. Nonmanagerial employees

Who uses accounting information?

Internal Users: 1. Purchasing managers 2. Human Resource Managers 3. Production Managers 4. Research and development managers 5. Marketing

Opportunities in Accounting include:

1. Financial 2. Managerial 3. Taxation 4. Accounting-related

where employees work for business

involves accounting services such as auditing, taxation, and advisory services

resources a company owns or controls; they are expected to yield future benefits (Ex. cash, accounts receivable,, supplies, equipment, web servers)

refers to an asset that promises a future inflow of resources

liabilities or creditors clams on assets

reflect company obligations to provide assets, products, or services

refers to a liability that promises a future outflow of resources (Ex. wages payable to workers, accounts to suppliers, and notes payable banks)

equity (net assets/residual equity)

the owners claim on assets and is equal to assets minus liabilities

reflects inflows of cash and other net assets from shareholder in exchange for stock which RAISES equity

outflows of cash and other assets to shareholders that REDUCE equity

increases equity from sales of products and services to customers

decrease equity from cost of providing products and services to customers.

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ACC: Intro to ACC

Term	Definition
accounting	an information and measurement system that identifies, records, and communicates an organization's business activities
who uses accounting information?	External Users: 1. Shareholders 2. Lenders 3. External auditors 4. Customers 5. Regulators 6. Nonmanagerial employees
Who uses accounting information?	Internal Users: 1. Purchasing managers 2. Human Resource Managers 3. Production Managers 4. Research and development managers 5. Marketing
Opportunities in Accounting include:	1. Financial 2. Managerial 3. Taxation 4. Accounting-related
private accounting	where employees work for business
public accounting	involves accounting services such as auditing, taxation, and advisory services
What are the two basic aspects of a company?	what it owns and what it owes
assets	resources a company owns or controls; they are expected to yield future benefits (Ex. cash, accounts receivable,, supplies, equipment, web servers)
receivable	refers to an asset that promises a future inflow of resources
liabilities or creditors clams on assets	reflect company obligations to provide assets, products, or services
payable	refers to a liability that promises a future outflow of resources (Ex. wages payable to workers, accounts to suppliers, and notes payable banks)
equity (net assets/residual equity)	the owners claim on assets and is equal to assets minus liabilities
common stock	reflects inflows of cash and other net assets from shareholder in exchange for stock which RAISES equity
dividends	outflows of cash and other assets to shareholders that REDUCE equity
revenues	increases equity from sales of products and services to customers
expenses	decrease equity from cost of providing products and services to customers.

Created by: studyqueen423

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