100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Accounting Summary - Entire Book $6.98
Add to cart
Quickly navigate to
Preview
  2.  
  3. Vrije Universiteit Amsterdam (VU)
  4.  
  5. Accounting

Summary

Accounting Summary - Entire Book

6 reviews
 23 purchases
  • Course
  • Accounting
  • Institution
  • Vrije Universiteit Amsterdam (VU)

Hi everyone! No time to read the whole Accounting book or just need some help? Here is a summary of everything we need to know for the Accounting Final Written Exam. Good luck studying!

Preview 1 out of 66  pages

Document information

  • May 3, 2017
  • 66
  • 2016/2017
  • Summary

Subjects

  • accounting iba
  • managerial accounting
  • financial accounting
  • business
  • iba vu
  • vu accounting
  • accounting summary
  • summary iba accounting
  • international business administration

Written for

  • Vrije Universiteit Amsterdam (VU)
  • International Business Administration
  • Accounting
All documents for this subject (23)

6  reviews

review-writer-avatar

By: rozendaaljasmin • 6 year ago

review-writer-avatar

By: kevinrijswijk • 7 year ago

Translated by Google

Just fine

review-writer-avatar

By: davidpijnenburg • 7 year ago

review-writer-avatar

By: lisa_conzemius • 7 year ago

review-writer-avatar

By: Jochemvandegroep • 7 year ago

review-writer-avatar

By: sterrevanvilsteren • 7 year ago

Translated by Google

Many spelling mistakes

Seller

avatar-seller
sydneystraver

Reviews received

Content preview

Accounting Summary - Whole Book

1. Accounting in Action

- Accounting consists of three basic activities - it identifies, records and communicates the
economic events of an organization to interested users.

- First a company identifies the economic events relevant to its business. Then, it records those
events in order to provide a history of its financial activities. Recording consists of keeping a
systematic, chronological diary of events, measured in money terms. Finally, a company
communicates the collected information to interested users by means of accounting reports.

- Bookkeeping: usually involves only the recording of economic events. It is therefore just one
part of the accounting process.

- Internal Users of accounting information are managers who plan, organize, and run the business.
These include marketing managers, production supervisors, finance directors, and company
officers. To help internal users make decisions Managerial Accounting provides internal reports
about their companies. Such as, financial comparisons of operating alternatives, projections of
income for new sales campaigns, and forecasts of cash needs for the next year.

- External Users are individuals and organizations outside a company who want financial
information about the company. These include investors (use the information to decide whether
to buy, hold, or sell ownership shares) and creditors (use the information to evaluate the risks of
granting credit or lending money). Financial Accounting provide economic and financial
information for investors, creditors, and other external users.

- The standards of conduct by which actions are judged as right or wrong, fair or not fair, are
ethics. Effective financial reporting depends on sound ethical behaviour.

- Accounting Standards (languages): GAAP, FASB, SEC, IASB, IFRS

- Convergence: the efforts to reduce the differences between the several types of accounting
standards.

- Both relevance and faithful representation are two primary qualities that make accounting
information useful for decision-making. Here, Relevance is when the financial information is
capable of making a difference in a decision and Faithful Representation means the numbers and
descriptions match what really existed or happened.

- Cost Principle: dictates that companies record assets at their cost. This is true at the time the
asset is purchased and held.

- Fair Value Principle: states that assets and liabilities should be reported at fair value (the price
received to sell an asset of settle a liability).



Page 1! of 66
!

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sydneystraver. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.98. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$6.98  23x  sold
  • (6)
Add to cart
Added