I Brief Contents 3 Chapter 1 Introducing Financial Accounting Chapter 2 Constructing Financial Statements Chapter 3 Adjusting Accounts for Financial Statements Chapter 4 Reporting and Analyzing Cash Flows Chapter 5 Analyzing and Interpreting Financial Statements Chapter 6 Reporting and Analyzing Revenues and Receivables Chapter 7 Reporting and Analyzing Inventory Chapter 8 Reporting and Analyzing Long-Term Operating Assets
Premium Balance sheet Income statement Cash flow statement
Sunset Boards. Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks‚ the founder of the company‚ is in charge of the design and sale of the surfboards‚ but his background is in surfing‚ not business. As a result‚ the company’s financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small‚ and the company has made surfboards only for
Premium Generally Accepted Accounting Principles Balance sheet Income statement
B6013 Spring 2010 B6013 - Financial Accounting Financial Assets and Liabilities Shareholder’s Equity Professor Urooj Khan o esso U ooj a Outline – Session 19 1. Financial Assets and Liabilities – Accounting for Financial Assets 2. Shareholder’s Equity – – – – Capital Stock Cisco Case Dividends and Share Repurchases Comprehensive I C h i Income B6013 Spring 2010 © Columbia Business School 2 Prof. Urooj Khan 1 B6013 Spring 2010 Background Readings and Practice Problems
Premium Stock Stock market
accepted auditing standards (GAAS)‚ includes A. A determination of efficiency and effectiveness. B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C. 2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits
Premium Tax Financial audit Audit
CHAPTER 1 Governmental and Nonprofit Accounting: ENVIRONMENT AND CHARACTERISTICS ANSWERS TO QUESTIONS QUESTION 1-1 a. The similarities of accounting for profit-seeking and G&NP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics‚ e.g.‚ basic transaction documents‚ journals‚ ledgers‚ charts of accounts. 3. Where a G&NP organization has a business-type activity‚ e.g.‚ a municipal electric utility‚ the accounting largely parallels that
Premium Financial Accounting Standards Board Non-profit organization Government
Chapter 1: Overview—The Financial Statements Chapter 1 introduces the four financial statements--Income Statement‚ Statement of Retained Earnings‚ Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed
Premium Generally Accepted Accounting Principles Balance sheet Financial statements
1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of these. 2. Technology A. Has replaced accounting. B. Has not changed the work that accountants do. C. Has closely linked accounting with consulting‚ planning‚ and other financial services. D. In accounting has replaced the need for decision makers. E. In accounting is only
Premium Balance sheet Generally Accepted Accounting Principles
CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation‚ company law‚ stock exchange legislation and EU Directives. • How the different aspects of regulation work together
Premium Corporation Limited company International Financial Reporting Standards
Coursework BBM – Financial Accounting (FIN 2241) SHARIFUDDIN HAZIQ BIN ABDUL AZIZ SCM 022587 Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question
Premium Balance sheet Corporation Types of business entity
Accountants follow professional guidelines for measurement and disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash)
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements