impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies, records and communicates relevant, reliable, and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved with running the company. Examples: shareholders (investors), lenders, customers, suppliers, regulators, lawyers, brokers, the press etc. a. Financial Accounting—area
Words: 1845 - Pages: 8
There are four basic financial statements used by all companies. The income statement, balance sheet, statement of equity, and statement of cash flows. Each statement allows the reader to identify specific information about that business and the financial stability the company may have. Each statement is prepared during a specific time period except the balance sheet which uses a specific point in time. The income statement is reveals the amount of revenues or sales and expenses for a period of
Words: 297 - Pages: 2
Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting
Words: 6249 - Pages: 25
ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller PLEASE DOWNLOAD HERE! HTTP://WWW.STUDENTSWITHSOLUTIONS.COM/VIEW-TUTORIAL.ASPX?TUTORIALID=14604 ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller 1. Explain the primary differences between ad valorem taxes, such as property taxes, and other taxes that generate derived tax revenues, such as sales and income taxes. How does accounting differ between these classes of taxes? http://www
Words: 1990 - Pages: 8
Century Financial Enterprises were convicted of conspiracy to commit securities and wire fraud (New York Times, 2008). These companies are just two examples of financial fraud and lack of financial ethics in health care organizations. These two stories reinforce the importance of employing ethical and trustworthy financial managers and staff. Financial management is a complicated and detailed job. Generally accepted account principles (GAAP) have three sets of rules, and include 10 basic guidelines
Words: 1156 - Pages: 5
company and the accountant's specialization, but generally includes financial records, taxes, and responsibility for the issuing of financial reports. An accountant is one of the primary figures in a business that he or she works for, whether it is a multinational corporation or a small family owned business.(wisegeek.com) Everyone is an accountant to some extent for example balancing your checkbook going over bank statements to make sure there is on mistakes or making sure your account balance
Words: 1116 - Pages: 5
conceptual framework necessary in financial accounting? .A conceptual framework establishes the concepts that underlie financial reporting. A conceptual framework is a coherent system of interrelated objectives and fundamentals that are expect to lead to consistent standards'. A coherent system of concepts that flow from an objective. The objective identifies the purpose of financial reporting. The other concepts provide guidance on (1) identifying the boundaries of financial reporting; (2) selecting the
Words: 662 - Pages: 3
Running Head: SUN MICROSYSTEMS, INC. FINANCIAL ANALYSIS Sun Microsystems, Inc. Financial Analysis Kimberly Berrien, Lisa Dean, Joseph Iacovone, Mario Mezzacapo, and Kairis Roach MMPBL/503 Introduction to Finance and Accounting University of Phoenix June 8, 2010 Mr. Leonard Shelton, Instructor Introduction Sun Microsystems is a principal supplier of computer related products and has issued a letter to company stockholders as part of the 2001 annual report. To present promising and profitable
Words: 2636 - Pages: 11
organizations but what sticks out the most is financial management. Financial management needs to be taken seriously and everything has to be done accurately because there are consequences if errors occur and the organization cannot function properly. It also helps to see the profit and loss that the organization is having and to see what changes need to be done to fix anything. Four elements in financial management In financial management, there are four elements that are vital to any company and
Words: 859 - Pages: 4
organization is the Governmental Accounting Standards Board (GASB). This is “an authoritative accounting and financial reporting standard-setting body for government entities” (Granof 2002). Their main objective is to ensure that financial reporting needs are meeting for the financial users. This goal is very difficult to accommodate to all users. Therefore, GASB continues to create new standards for financial reporting for state and local governments. One of the recent major obstacles for GASB was to produce
Words: 774 - Pages: 4
