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14 Cards in this Set
- Front
- Back
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Internal Users of Accounting
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include marketing managers, production supervisors, finance directors, and company officers.
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External Users of Accounting
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Investors, creditors, tax authorities, Regulatory Agencies
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Financial Accounting Standards Board (FASB)
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Private Organization responsible for establishing principles of accounting
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Monitary Unit Assumption
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only transaction data that can be expressed in terms of money be included in the accounting records
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Economic Entity Assumption
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acitivties of the company must be kept seperate from the activities of its own and others
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Assets
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resources owned by a business
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Liabilities
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Claims against assets.
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Stockholers Equity
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The ownership claim on total assets.
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Revenues
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The gross increase in Stockholder's Equity resulting from business activitiesentered into for the purpose of earning income
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Expenses
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The decreases in Stockholder's Equity that result from operating the business
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Income Statement
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Presents the revenues and ecpenses and resulting net income/ loss of a company for a specific time
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Retained Earnings Statement
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Summarizes the changes in Retained Earnings over a certain period of time
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Balance Sheet
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reports the assets, liabilities, and stockholder's equity of a business over a certain period of time
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Statement of Cash Flows
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Summarizes information concerning the cash inflows (receipts) and outflows (payments) over a period of time
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