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FMA Financial Accounting summary Y1 Q1Q2 $4.29
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FMA Financial Accounting summary Y1 Q1Q2

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  • Course
  • Financial Accounting
  • Institution
  • Avans Hogeschool (Avans)
  • Book
  • Financial Accounting, Custom Edition

Summary of the book Financial Accounting of the course Financial & Management Accounting I. Y1 semester 1. Custom edition from Avans hogeschool, ISBN 9781308572185. Includes slides from classes.

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Document information

  • Unknown
  • January 7, 2019
  • 15
  • 2018/2019
  • Summary

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  • financial accounting summary

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Written for

  • Avans Hogeschool (Avans)
  • International Business & Management
  • Financial Accounting
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Content preview

Financial Accounting summary
Chapter 1: financial statements and business decisions

Internal decision makers  managers (management accounting)
External decision makers  stockholders and creditors (financial accounting)

The accounting system collects and processes financial information about an
organization and reports that information to decision makers.




Golden rule of accounting = basic accounting equitation = balance sheet equitation

, The 4 basic financial statements
1. Balance sheet: report the economic resources a company owns, and the
sources of financing for those sources.
2. Income statement: company’s ability to sell goods for more than their cost to
produce and sell.
3. Statement of stockholders’ equity: company’s additional contributions or
payments to investors, and the amount of income the company reinvested for
future growth.
4. Statement of cash flows: company reports its ability to generate cash and how
it was used.

Before you start, ALWAYS make up the heading with those 4 items:
1. Name of entity (Coca-Cola)
2. Title of statement (Balance sheet)
3. Specific date of statement (At December 31, 2012)
4. Unit of measure (in millions of dollars)

Balance sheet
Balance sheet = reports the amount of assets, liabilities and stockholders’ equity of
an accounting entity at a point in time.
Accounting entity = the organization for which financial data is collected.

Assets Liabilities
Short-term Short-term
Cash Accounts payable
Short-term investment Accrued expenses
Accounts receivable Notes payable
Notes receivable Taxes payable
Inventory (to be sold) Unearned revenue
Prepaid expenses Long-term
Supplies Long-term loans (5-20 years)
Long-term Mortgage (bank financed your

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