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Introduction to Accounting

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   Accounting ●   The recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions    Areas of Accounting ●   Financial Accounting - provides a means to analyze business   ○    Annual report   ○   Private accountant   ○   Public accountant   ○   C.P.A.   ●   Tax Accounting - assists with tax collection   ●   Managerial Accounting - financial reports pinpoint problems and opportunities   ○   Inside organization   ○   C.M.A.   ●    Auditing   Financial Statements ●   Balance sheet   ○   Financial statement that reports a firm's financial condition at a specific time and is composed of three major accounts: assets, liabilities, and owners' equity   ●   Income statement   ○   The financial statement that shows a firm's profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, and the resulting net income   ●   Statement of cash flows   ○   Financial statement that reports cash receipts, and disbursements related to firm's three major activities: operations, investments, and financing    Accounting Equation ●    Assets = Liabilities + Owner's Equity   ●   Owned = Owned + Owner's Claims   The Typical Balance Sheet ●    Assets   ○   Current assets   ■   Cash   ■    Accounts receivable   ■   Notes receivable   ■   Inventory   ○   Fixed assets   ■   Land   ■   Buildings   ■   Depreciation   ■   Capital equipment   ■   Depreciation    ●   Liabilities   ○   Current liabilities   ■    Accounts payable   ■   Notes payable   ■    Accrued taxes   ■    Accrued salaries   ○   Long-term liabilities   ■   Notes payable   ■   Bonds payable   ●   Owner's Equity   ○   Stock shares   ○   Retained earnings  
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