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WGU D196- Principles of Financial and Managerial Accounting With Complete Solution
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WGU D196- Principles of Financial and Managerial Accounting With Complete Solution
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WGU D196- Principles of Financial andManagerial Accounting
bookkeeping - day to day keeping of transcations
steps of decision making - identify issue
gather information
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 they, what do they do - governmental accounting
standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - generally accepted accounting principles
sec - Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about
publicly traded companies.
legal punishment
iasb - International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
role and purpose of accounting - accumulate and report on financial information about
performance, financial position, cash flow of a business. used to reach decisions about
how to manage the business, invest in it, or lend money to it
what is a balance sheet - statement of what they have and how they financed it at a
specific point in time.
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