D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A

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D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A bookkeeping ✔✔day to day keeping of transcations steps of decision making ✔✔identify issue gather in... formation identify alternatives select option that most likely results in desired objective accounting ✔✔analysis of events record and report financial effects of business activities where does capital come from (3) ✔✔investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting ✔✔financial and managerial managerial accounting ✔✔gather and analysis of information for internal use and decision making. financial accounting ✔✔gather, report, analysis of information for external users- investors and creditors. summary of a business what does managerial accounting review ✔✔product cost, breakeven analysis, budgeting, performance analysis, outsource production what does financial accounting review ✔✔credit analysis, financial health, estimate value of the company examples of external financial reports for financial accounting ✔✔annual report, financial statement, balance sheet, income statement, statement of cash flow balance sheet ✔✔reports assets and liabilities. basic. list as of a point in time. as of today, as of yesterday income statement ✔✔how much did you ,ake period of time - from nov to jan statement of cash flow ✔✔where did the cash come from and where did the cash go period of time - from nov to jan lender ✔✔lends money with intend to get it back plus interest. need current income, existing obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts investor ✔✔buys into your company. looks at if the business is profitable, what they are buying, buying obligations, potential future projections what forms will the manager of a business use ✔✔both financial and managerial fasb- what does it stand for, who are they and what do they do ✔✔financial accounting standards board private group, not govt agency, no legal authority, conducted of people from a variety of business related backgrounds. establishes financial accounting and reporting standards for private sector companies 1 of the two boards that make up GAAP gasb- what does it stand for, who are th [Show More]

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