Exam (elaborations)
ACG 6027 Chapter 1 Key concepts (1)
ACG 6027 Chapter 1 Key concepts (1)
[Show more]
Seller
Follow
Content preview
ACG 6027 Chapter 1 Key conceptsaudit - ANS-to check the accuracy of financial accounts and records
Balance Sheet - ANS-shows where the company stands in financial terms on a specific date;
also called the statement of financial position.
-assets
-liabilities
-equity
Bookkeeping - ANS-A part of accounting that involves only the recording of economic events
cash flow prospects - ANS-Likelihood an enterprise will be able to provide an investor with both
a return on the investor's investment and the return of that investment
Control Activities - ANS-policies, procedures, and rules that provide reasonable assurance that
control objectives are met and risk responses are carried out
Control Environment - ANS-The overall attitude of management and employees about the
importance of controls.
Corporate Governance - ANS-the way in which a corporation is structured and the effect that
structure has on the corporation's behavior
External Users - ANS-such as investors and creditors in the decision-making. Also known as
purpose; found in financial accounting.
Objectives of External Financial Reporting - ANS-1) Provide specific information about
economic resources, claims to resources, and changes in resources and claims
2) Provide information useful in assessing amount, timing and uncertainty of future cash flows.
3) Provide general information useful in making investment and credit decisions
financial statements - ANS-are a subset of the broader concept of financial reporting.
financial reporting - ANS-also includes other communications to external parties including press
releases, disclosures, and other open communications.
Primary financial statements - ANS-1. Income Statement
2. Statement of Stockholders' Equity
3. Balance Sheet
4. Statement of Cash Flows
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now