The Nature of Accounting: Accounting is the recording, measurement, and interpretation of financial information.
Accountants:
*Public Accountants include CPA’s which are individuals who have been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns, to the complex audits of corporate financial records.
*Private Accountants are accountants that are employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements.
Accounting and Bookkeeping are often mistaken for one another. Bookkeeping is typically limited to the day-to-day recording of business transactions, while Accountants complete course work beyond their basic four to five year accounting degrees. This extra training helps tremendously in understanding, interpreting, and developing the sophisticated accounting systems necessary to analyze complex financial information.
Accounting Process:
The Accounting Equation: Consists of assets, liabilities, and owner’s equity.
Equation: Assets + Liabilities = Owner’s Equity
Double Entry Bookkeeping: Recording and classifying business transactions that maintains the balance of the accounting equation.
Equation: Assets = Liabilities + Owner’s Equity
$325 = $325 (Example)
Accounting Cycle:
Step One: Examine Source Documents
Step Two: Record
Related Documents: Accounting And Financial Statements
In both chapters 13 and 14 the study of the financial statements and financial analysis are given a much deeper look. Both chapters touch on the same trend of processing journal entries to produce information needed in financial statements. Chapter 13 recognizes the statement of cash flows; which for many companies shows investors just how much money was used, where the money came from, and how money is received. “The statement of cash flows reports the cash receipts, cash payments, and net change…
School of Business Course Syllabus ACC 500-G1004 Managerial Accounting Term/Year: Fall 2014 CENTER: Graduate September 2, 2014 – November 4, 2014 Faculty Name: Bryan C. Bouchard Email Address: b.bouchard@snhu.edu Office Location: Webster 219C Office Phone: 603-644-3186 Office Hours: Monday 9:15-11:00 Tuesday 10:45 - 2:00 Wednesday 9:15-11:00 (On Tuesdays during free period 3:30-4:45 I will be in the Learning…
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many companies use to analyze its ability to buy and sell inventory in a profitable manner. GMROI is the measure of how many dollars a company has made for each dollar of investment in inventory, allowing you to compare categories and products (Chapter 12 slides). It is calculated by either dividing gross margin by average inventory cost or by multiplying gross margin percent by the sales to stock ratio. Using this calculation allows companies to separate winning and losing products, which is vital…
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Systems Analysis and Design: IS 4430 Spring 2014 Department of Operations and Information Systems The David Eccles School of Business The University of Utah Instructor Jon Soldan Class Times Wednesday 6:00 – 9:00pm Classroom SFEBB 1110 Phone (801) 440-0349 Email jon.soldan@business.utah.edu Course Description Systems analysis and design is an essential skill for anyone involved with technology. Whether you are a product manager, functional manager, database administrator, developer…
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