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

Notes Information

Material Type:Study Guide 1
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2008
  • Time Period Assumption
  • Reports Revenues
  • Public Company
  • Cost Principle
  • Revenue Principle
  • Normal Balances
  • Separate Entity
  • Entity Assumption
  • Accrual Accounting
  • Independent Auditors
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ACIS 2115 - General Outline of Topics – Chapters 1 through 4 1. Organizational forms • • • Sole proprietorships – owned by 1 person, all liabilities/profit/taxes responsible by owner Partnerships – owned by 2 ppl, all liabilities/profit/taxes responsible by owners Corporations – corp responsible for liabilities/profit/taxes not owners (owners on responsible for amount they invested) o o • • • • • • Public – stock purchase open to public (on stock exchange) Private – stock purchase not open to public (‘behind closed doors’) 2. Who uses financial statements and why? How are financial statements relevant to users? Creditors (banks, suppliers) – to evaluate risks in lending $ and to see if you can pay $ back investors (stockholders) – to see if company is secure and likely to be profitable customers – to judge the company’s ability to provide service in future governments – to make sure fallowing rules, pay taxes and other external users. 3. Understand the four basic ...

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