Financial Accounting at Mälardalen University | Flashcards & Summaries

Lernmaterialien für Financial Accounting an der Mälardalen University

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Who uses the financial report?

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●Investors
●Lenders
●Management
●Tax authorities & Government
●Competitors
●Customers
●Suppliers
●Employees
●Public

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What is accounting?

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”The process of identifying,
measuring, and communicating
economic information to permit
informed judgements and decisions
by users of the information”

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What are the limitations of accounting reports?

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●Lump evaluation
●Need to adress specific time periods
●No or unclear basis for accounting
●Old values

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What are the concepts of accounting?

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●Historical cost concept
●Money measurement concept
● Measurability + agree
●Business entity concept
●Dual aspect concept
●Time interval concept
●Going concern
●Accrual basis

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What is the accounting equation

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●Capital = Assets - Liabilities

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When does inventory increase?

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●Buy goods
●Return of goods
sold

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When does inventory decrease?

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●Sell goods
●We return goods
bought

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What is the bottom part of the fraction called?

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Denominator

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What is a numerator?

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The top part of a fraction

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Who is interested in profitability ratios?

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Shareholders, management, employees, creditors, competitors, potential investors

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Who would be interested in liquidity ratio?

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Shareholders, suppliers, creditors, competitors

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Who is interested in efficiency ratio?

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shareholders, potential purchasers, competitors

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  • 72 Karteikarten
  • 28 Studierende
  • 2 Lernmaterialien

Beispielhafte Karteikarten für deinen Financial Accounting Kurs an der Mälardalen University - von Kommilitonen auf StudySmarter erstellt!

Q:

Who uses the financial report?

A:

●Investors
●Lenders
●Management
●Tax authorities & Government
●Competitors
●Customers
●Suppliers
●Employees
●Public

Q:

What is accounting?

A:

”The process of identifying,
measuring, and communicating
economic information to permit
informed judgements and decisions
by users of the information”

Q:

What are the limitations of accounting reports?

A:

●Lump evaluation
●Need to adress specific time periods
●No or unclear basis for accounting
●Old values

Q:

What are the concepts of accounting?

A:

●Historical cost concept
●Money measurement concept
● Measurability + agree
●Business entity concept
●Dual aspect concept
●Time interval concept
●Going concern
●Accrual basis

Q:

What is the accounting equation

A:

●Capital = Assets - Liabilities

Mehr Karteikarten anzeigen
Q:

When does inventory increase?

A:

●Buy goods
●Return of goods
sold

Q:

When does inventory decrease?

A:

●Sell goods
●We return goods
bought

Q:

What is the bottom part of the fraction called?

A:

Denominator

Q:

What is a numerator?

A:

The top part of a fraction

Q:

Who is interested in profitability ratios?

A:

Shareholders, management, employees, creditors, competitors, potential investors

Q:

Who would be interested in liquidity ratio?

A:

Shareholders, suppliers, creditors, competitors

Q:

Who is interested in efficiency ratio?

A:

shareholders, potential purchasers, competitors

Financial Accounting

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