ACCT at Hochschule Für Wirtschaft Und Umwelt Nürtingen-Geislingen | Flashcards & Summaries

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What is accounting?

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Accounting is the process of gathering, compiling and reporting of a financial history of an organisation 

The financial history summarized can be used to inform present and future decisions.


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Supplies


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​​​​​asset

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Financing activities 


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Raise money to start and continue business 


a. Invested money – is obtained by selling stock to investors. This is called **equity, which represents the owner’s share of the business

 i. Permanent financing 

ii. Stockholders own the company 

b. Borrowed money – must be repaid. This is called a **liability. 

i. Not permanent financing

 ii. Lenders called creditors

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3 types of business activties 

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financing Activities

investing Activities

Operating Activities 

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advantades and disadvantages for

Sole proprietorship (one owner)  Partnership (two or more owners) and corperation

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Sole proprietorship (one owner) b. Partnership (two or more owners) 

Simple to establish; tax advantages Difficult to transfer ownership; proprietor (partners) personally liable for all business debts 


Corperation

Separate legal entity 

ii. Increases ability to raise $ (stock sales and debt) 

iii. Easier transfer of ownership (shares can be bought and sold easily)

iv. Limited liability of owners: Stockholders are liable for the corporation’s debt only to the extent of their investment in the company

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Why do External Users  need accounting


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Limited access to information o Financial accounting prepares information primarily for outside users o Examples:

Stockholders – Is company earning satisfactory income? How does the company compare to other companies? 

 Creditors – Will company be able to pay its debts as they come due?

  Govt. Agencies – Is company operating under prescribed laws and rules?

  Others – Suppliers, customers, labor unions

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Which types of business entites exsist?

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solo proprietorship (one owner)

Partnership (two or morre owners)

crperation

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investing activities

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money obtained from financing is used to purchase resources a company needs to operate


= resources owned by the business which can generate future economic benefit (resource company controls

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C. Operating Activities: 


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Day to day business of producting and/or selling a roduct or performing a service which result in revenue and expanses

  • -Revenue=inflow of assets (Cash ) as a result oof:

performing a service OR

delivering the goodsd

--> earned from sale of products and services

Revenue is  not always cash recived) 

  • Expenses=costs incurred to generate revenues the usoong up of a resource asst to help generate revenue

Expenses are the cost of assets consumed r services used in the process of generating revenue


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What are the primary users of Accounting 

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internal users

external users

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Why do internal users need accounting

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Easier access to information than external users 

 Management accounting provides managers with information needed to plan and control their areas of responsibility 

Examples:  Finance Manager – Is cash sufficient to pay dividends to shareholders?

  Marketing Manager – What product price will maximize income? 

 Human Resource Manager – Can company afford employee raise?

  Management – Which product line is most profitable? Should any product line be eliminated? 

 I.T. Manager – How can accounting information be integrated for all users needing it?

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TESTE DEIN WISSEN

Which of the following would not be considered an external user of accounting data for the GHI Company?

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Management.

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Q:

What is accounting?

A:

Accounting is the process of gathering, compiling and reporting of a financial history of an organisation 

The financial history summarized can be used to inform present and future decisions.


Q:

Supplies


A:

​​​​​asset

Q:

Financing activities 


A:

Raise money to start and continue business 


a. Invested money – is obtained by selling stock to investors. This is called **equity, which represents the owner’s share of the business

 i. Permanent financing 

ii. Stockholders own the company 

b. Borrowed money – must be repaid. This is called a **liability. 

i. Not permanent financing

 ii. Lenders called creditors

Q:

3 types of business activties 

A:

financing Activities

investing Activities

Operating Activities 

Q:

advantades and disadvantages for

Sole proprietorship (one owner)  Partnership (two or more owners) and corperation

A:

Sole proprietorship (one owner) b. Partnership (two or more owners) 

Simple to establish; tax advantages Difficult to transfer ownership; proprietor (partners) personally liable for all business debts 


Corperation

Separate legal entity 

ii. Increases ability to raise $ (stock sales and debt) 

iii. Easier transfer of ownership (shares can be bought and sold easily)

iv. Limited liability of owners: Stockholders are liable for the corporation’s debt only to the extent of their investment in the company

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Q:

Why do External Users  need accounting


A:

Limited access to information o Financial accounting prepares information primarily for outside users o Examples:

Stockholders – Is company earning satisfactory income? How does the company compare to other companies? 

 Creditors – Will company be able to pay its debts as they come due?

  Govt. Agencies – Is company operating under prescribed laws and rules?

  Others – Suppliers, customers, labor unions

Q:

Which types of business entites exsist?

A:

solo proprietorship (one owner)

Partnership (two or morre owners)

crperation

Q:

investing activities

A:

money obtained from financing is used to purchase resources a company needs to operate


= resources owned by the business which can generate future economic benefit (resource company controls

Q:

C. Operating Activities: 


A:

Day to day business of producting and/or selling a roduct or performing a service which result in revenue and expanses

  • -Revenue=inflow of assets (Cash ) as a result oof:

performing a service OR

delivering the goodsd

--> earned from sale of products and services

Revenue is  not always cash recived) 

  • Expenses=costs incurred to generate revenues the usoong up of a resource asst to help generate revenue

Expenses are the cost of assets consumed r services used in the process of generating revenue


Q:

What are the primary users of Accounting 

A:

internal users

external users

Q:

Why do internal users need accounting

A:

Easier access to information than external users 

 Management accounting provides managers with information needed to plan and control their areas of responsibility 

Examples:  Finance Manager – Is cash sufficient to pay dividends to shareholders?

  Marketing Manager – What product price will maximize income? 

 Human Resource Manager – Can company afford employee raise?

  Management – Which product line is most profitable? Should any product line be eliminated? 

 I.T. Manager – How can accounting information be integrated for all users needing it?

Q:

Which of the following would not be considered an external user of accounting data for the GHI Company?

A:

Management.

ACCT

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