Athabasca University (AU ) • ACCOUNTING
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Courses ACCOUNTING at Athabasca University (AU )
Notes available for the following courses of ACCOUNTING at Athabasca University (AU )
Latest notes & summaries Athabasca University (AU ) • ACCOUNTING
Accounting - an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization's economic activities. 
 
bookkeeping - the recording of financial transactions, either manually or electronically, for the purpose of creating a reliable bank of data. 
 
3 kinds of business - 1. Sole proprietorship - subject to unlimited liability 
2. Partnership 
3. Corporation 
 
unlimited liability - owner is responsible...
Sole Proprietorship - A business owned by one person 
Simple to set up and gives you control over business 
 
Partnership - A business owned by two or more persons associated as partners. Typically a partnership agreement sets forth terms, such as initial investment, duties of each partner, division of profits or losses, and the settlement ti be made upon dissolving partnershup 
 
Corporation - A business organized as a separate legal entity under state cooperation and having ownership divided i...
accrual accounting - recognize revenues when earned and expenses when incurred, regardless of when cash is exchanged 
 
cash accounting - recognize revenues and expenses when cash is paid or collected 
 
accrued revenues - an asset, company provides product or service to customer before receiving payment (accts receivable) 
 
deferred revenue - a liability, company is paid before product or service is provided to customer (unearned revenue) 
 
accrued expenses - a liability, company incurs expen...
Define Accounting 
Accounting is the process of identifying, measuring, recording, and communicating an organization's economic activities to users for decision making 
Managerial Accounting 
Serves decision-making needs of internal users. 
Financial Accounting 
Focuses on external reporting to meet the needs of external users. 
List and Describe forms of business organization 
Proprietorship, partnership and corporation. 
Explain GAAP (Generally Accepted Accounting Principles) 
GAAP followed i...