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ACC 1100 Chapter 1

ACC 1100 Chapter 1 Study flashcards

QuestionAnswer
Accounting is an information and measurement system that identifies, records, and communicates an organization’s business activities.
What is Accounting called? is called the language of business because all organizations set up an accounting information system to communicate data to help people make better decisions
Opportunities in Accounting? Financial, Managerial, Taxation, Accounting-related
Examples of Financial Preparation, Analysis, External Auditing, Regulaotry, Consulting, Planning, Criminal investiagtion
Examples of Managerial General Accounting, Cost accounting, Budgeting, Internal Auditing, Consulting, Controller, Treasurer, Strategy
Examples of Taxation Preparation, Planning, Regulatory, Investigiations, Consulting, Enforcement, Legal Services, Estate plans
Examples of Accounting- related Lenders, consultants, analysts, traders, directors, underwriters, planners, appraisers, FBI investigators, market researchers, systems designers, merger services, business valuation, Foresnic accounting, litigation support, enterpreneurs
Accounting Ethics The goal of accounting is to provide useful information for decisions. For information to be useful, it must be trusted.
Three steps to ethics in accounting 1) Identify ethical concerns 2) Analyze options 3) Make ethical decision
Fraud Triangle Three factors must exist
accounting equation Assets = Liabilities + Equity
Assets are resources owned by a company.
Liabilities are creditors’ claims on assets.
Equity is the owner’s claim on assets (the residual)
Expanded accounting equation Assets = Liabilities + [Owner, Capital − Owner, Withdrawals + Revenues − Expenses]
Created by: FunRun23
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