Acg fsu - Study guides, Class notes & Summaries

ACG 5026 FSU Fennema (1).

Balance Sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date/at a point in time. Lists the company's investments and sources of financing using the accounting equation § Assets=liabilities+equity § Statement of financial position Statement of Cash Flows A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time. § Operating cash flows differ from net income ...

ACG 5026 FSU Fennema

ACG 2021 Patterson FSU Exam 1 (1)

ACG 2021 Patterson FSU Exam 1

Three general uses of accounting 1. Financial reporting and external performance evaluations 2. Managerial decision making 3. Managerial planning, control & internal performance evaluations Economic role of financial reporting * Investors and creditors need numbers to monitor compensation contracts with managements * Need financial information to decide where to invest funds * Companies hire auditors to attract investors so managers attempt to keep up levels of compensation Nature and importan...

ACG 2021 Patterson FSU Exam 1 Questions With Correct Answers Sole proprietorship - answerA business owned by one person. Simple to set up and gives you control. Partnership - answerA business owned by two or more persons who are associated. Partners bring unique skills and sometimes the individuals don't have enough resources on their own. Corporation - answerA business organized as a separate legal entity owned by stockholders. Anyone can become an owner via stocks. Stocks are easy to s...

ACG 2024 Final Exam FSU Questions With Correct Answers Which of the following describes that sequence in which financial statements are prepared? - answerNone of these The financial statements are prepared in the following order: income statement, retained earnings statement and balance sheet. This is because net income (from the income statement ) is a required input for the statement of stockholders ' equity, ending retained earnings (from the statement of stockholders ' equity) is a ...

Acg 2071 Exam 3 fsu Questions With Correct Answers Rolling Budget - answerupdated constantly to project 12 months Zero-based budget - answerstart with nothing and add money as needed Merchandising Budgets - answerCOGS, Inventory, Purchases Budget Manufacturing Budget - answerDm, DL, Moh, production Merchandising Inventory - answerBeginning COGS +Desired Ending Inventory =Total Inventory - Beginning Inventory =Amount of Inventory to Purchase Income Statement - answerRevenue -COGS =GP...

Tangible Assets -Have physical substance -Usually include land, buildings, machinery, fixtures and equipment Intangible Assets -Have no physical substance -Provide the owner with specific rights and privileges -Include trademarks, patents, copyrights Three common depreciation methods -Straight-line method - Equal expense each year -Double-declining-balance method - An accelerated method (more expense in early years) -Units-of-production method - Based on activity instead of time How to accoun...