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

Notes Information

Material Type:Note 1
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Identify Economic Event
  • Earn Revenue
  • Acis 2115 Accounting
  • Historical Cost Concept
  • Historical Cost
  • Accounting Period
  • Economic Events
  • Operating Activities
  • Investing Activities
  • The Accounting Equation
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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...

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