Busn 5200 Homework Week 2 Essay

1002 words - 5 pages

BUSN 5200 Homework |
Week 2 |
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Question 1 | | |
Accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements.
Accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements.
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The work that accountants do is divided into three broad fields:
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2. Managerial Accounting consists of the use of economic and financial information to plan and control many activities of the entity and to support the management decision-making process. Cost Accounting is a subset of managerial accounting that is involved with the determination and accumulation of product or service costs.
3. Auditing, or Public Accounting is the function in which a firm's financial statements are reviewed or examined by an independent third party (the auditor). Public accounting firms and individual certified Public Accountants (CPAs) provide this auditing service.
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The fundamental accounting equation illustrates the concept that everything a business possesses (ie, its assets) are claimed by someone (ie, creditors or owners). The equation is:
Assets = Liabilities + Equity
The fundamental accounting equation illustrates the concept that everything a business possesses (ie, its assets) are claimed by someone (ie, creditors or owners). The equation is:
Assets = Liabilities + Equity
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Question 4 | | | | | | | | | | | |
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Question | 4 | |
The purpose of a balance sheet is to describe the company's status as of a particular time. That is, to list what a company posseses, what it owes, and what claims the owners have as of a particular moment in time. Typical balance sheet accounts include Current Assets (cash, accounts receivable, inventory, etc.), Fixed Assets (property, plant, and equipment, land, etc.), Other Assets (patents, licenses, etc.) ,Current Liabilities (accounts payable, notes payable, etc.), Long-Term Liabilities (long-term loans, bonds, etc.), and Equity accounts (Common stock, additional capital, retained earnings, etc. ).
The purpose of a balance sheet is to describe the company's status as of a particular time. That is, to list what a company posseses, what it owes, and what claims the owners have as of a particular moment in time. Typical balance sheet accounts include Current Assets (cash, accounts receivable, inventory, etc.), Fixed Assets (property, plant, and equipment, land, etc.), Other Assets (patents, licenses, etc.) ,Current Liabilities (accounts payable, notes payable, etc.), Long-Term...

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