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Basic Accounting

QuestionAnswer
Something we physically own in order to make money in a business. ex: money, building, fixtures, inventory. Asset
Something we are financially responsible for Liability
Money Put Towards a buisiness whether it be personal or invested Equity
Separate Legal Business Entity, Independent from other businesses Corporation
Examine financial statements to assure they are lawful and accurate Auditors
Separate legal entity in which shares are sold to the public and actively traded in the market Public Corporation
Security Exchange Commission. SEC
Separate legal entity. Illegal to sell shares to the public. Usually very few stockholders and trading. Private Corporation
Not a separate legal entity: ran by one person. Little legal setup, life parallels that of the owner and there is no protection of personal assets. Proprietorship
Not legally separate from the owners. Capital raised by individual partners. Members bound to eachother by position. Partnership
Like a partnership structurally, but with the protection of assets. Limited Liability Corporation (LLC)
Maximize shareholder wealth. Therefore, the managers have a moral and social responsibility to achieve the goals of the shareholders. Goal of For Profit Entities
Recording, classifying, and summarizing of economic events for the purpose of providing financial information used in decision making. Basis for financial analysis. Accounting
Managing an organization'f funds to ensure they are being properly used to achieve the objectives. Does actual financial analysis. Finance
Handles money, responsible for cash flow and the issuing of stocks and bonds. Treasurer
Controls budgets and financial/managerial reporting. Controller
USGAAP United States Generally Accepted Accounting Principles
IFRS International Financial Reporting Standards
Report financial results to a company in a comparable ways using the USGAAP and IFRS in order to provide clear and fair presentations. Enables year to year comparison and comparison to other firms. Role of Financial Accounting
Provides information on entity as a whole, often for external parties. Follows the GAAP and IFRS Financial Accounting
Provides information for internal management at either a product or division level including budgets, salaries, price determination, etc. Managerial Accounting
Increase in a person's overall wealth over time. Economic Income
Profit from specific transactions that are recorded on financial statements. Accounting Income
Created by: 563877211
 

 



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