Questions 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. True False 2. Assets on the balance sheet are recorded at market value or replacement cost. True False 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. True False 4. The accounting period in which
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pertaining to accounting introductions and definitions. Ms. Samantha Boncheck who spoke to the fascinating world of accounting even though many non-accountants would struggle with such a perspective. She defined the term “Accounting” as the means of collecting financial data about a company, recording that data, analyzing it, and then communicating what it means to other people (Films Media Group, 2009Year). Samantha explained that any attempt to run a business without accounting would be complete
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finance. How is it different from the field of accounting? a. Finance is a powerful and influential field that can be defined as the art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among and between individuals, businesses and governments. b. Accounting is the methodical or precise recording, reporting
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1. Introduction: Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The central need for financial accounting is to reduce the various principal-agent problems, by measuring and
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started in the late 90s when Enron pushed their debt obligations to offshore partnerships, at the same time the company was reporting inaccurate trading revenues. Enron used its partnerships to sell contracts back and forth to itself and booking revenue each time. In 2001 Chairman, Kenneth Lay received an anonymous memo expressing wariness about the Fastow partnerships and warned of possible accounting scandals. On October 16th Enron announced a $638 million loss for the third
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2013). A business organization that is owned by two or more individuals is a partnership. The advantages to a having a business partnership are that there is more capital put into the business and that the obligations and debts are shared among each partner. Individuals who are part of a partnership can also deduct their losses through their personal income tax. There are a few disadvantages to being part of a partnership are that all profits are shared and that all decisions need to be made by each
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You are an Entrepreneur – MP’s Music Specialty Store Marilyn Parham Strayer University ACC 557 Financial Accounting Prof. Olasunmbo August 17, 2015 You are an Entrepreneur – MP’s Music Specialty Store In June of 2015 student life got to the point that more was needed in order to have feelings of fulfillment. The love of music has always been of personal interest and a high priority, not just singing but exploring and collecting old and new music from all genres. Today is the day the personal
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agent or otherwise on behalf of such accounting firm in any activity of that firm. (B) EXEMPTIONAUTHORITY.—The Board may, by rule, exempt persons engaged only in ministerial tasks from the definition in subparagraph (A), to the extent that the Board determines that any such exemption is consistent with the purposes of this Act, the public interest, or the protection of investors. (10) PROFESSIONALSTANDARDS.—The term ‘‘professional standards’’ means— (A) accounting principles that are— (i) established
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Term Paper Chapter 01 Introduction to Corporate Finance Multiple Choice Questions 1. The person generally directly responsible for overseeing the tax management, cost accounting, financial accounting, and information system functions is the: A. treasurer. B. director. C. controller. D. chairman of the board. E. chief executive officer. 2. The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the:
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Legal Forms of Business Legal Forms of Business Entrepreneurs face a difficult decision in choosing a legal form of business. The preferred form of entity is dependent on many relative factors, such as the type of organization and business environment. Different forms of legal businesses have different tax, investment, and financial implications. The best-suited business calls for a thorough analysis of pertinent facts before making a decision – requiring some careful planning and strategy
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