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14 Cards in this Set

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