Lecture Notes for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Notes Information

Material Type:Note 1
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
  • Identify Economic Event
  • Earn Revenue
  • Acis 2115 Accounting
  • Historical Cost Concept
  • Historical Cost
  • Accounting Period
  • Economic Events
  • Operating Activities
  • Investing Activities
  • The Accounting Equation
Login / Sign Up to View Document
Preview Page 1Preview Page 2

Sample Document Text

ACIS 2115 Accounting Accounting is a system for communicating financial information about a business Accounting system 1. Identify economic event 2. Measure (Quantify in dollars) 3. Classify and record 4. Communicate information through reports Economic events are also called Transactions Examples: . Business sells a product . Business buys supplies . Business pays employees . Business borrows money Asset . Something that has value . Can be used to obtain other resources . Examples: Cash, buildings, equipment, supplies Claims . When individuals or organizations provide assets to a business, the individuals acquire a claim to the business . Assets = Claims o Suppose you borrow money to purchase a car: o Cost of car = loan from parents + loan from bank o $20,000 = $5,000 + $15,000 o Cost of car = claims to car Source of Assets Businesses obtain assets from three sources: 1. Owners 2. Creditors 3. Profitable Operations Accounting Equati...

Related Documents

Following Shares Quiz
Authorized Shares Exam
Sports T-Shirts Exam
Sports T-Shirts Exam
Seamster Co Exam
Unearned Service Revenue Exam
Authorized Stock Notes
Authorized Shares Exam
Trading Securities Exam
Internal Control Exam
Financing Activities Quiz
Date of Record Notes
Shirt Manufacturer Exam
Cash Transactions Quiz
Financing Activities Section Quiz
Gillian Company Exam
155, "/var/app/current/tmp/"