ACC300 Financial Accounting at Universität Mannheim | Flashcards & Summaries

Select your language

Suggested languages for you:
Log In Start studying!

It looks like you are in the US?
We have a website for your region.

Take me there

Lernmaterialien für ACC300 Financial Accounting an der Universität Mannheim

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen ACC300 Financial Accounting Kurs an der Universität Mannheim zu.

TESTE DEIN WISSEN
What is a business/firm?

Lösung anzeigen
TESTE DEIN WISSEN
  • a brand
  • a profit seeking organization
  • an ownership structure
  • stock (US), shares (UK), traded in the market, wit hfinancial reports
  • a collection of contracts
  • a collection of resources
Lösung ausblenden
TESTE DEIN WISSEN
What is the Going concern (Konzern) assumption?
Lösung anzeigen
TESTE DEIN WISSEN
  • A firm will remain operation long enough to carry out its plans
  • no threat of liquidation in the future
  • bbasic assumption for asset measurement
Lösung ausblenden
TESTE DEIN WISSEN
What is the Prudence Principle?
Lösung anzeigen
TESTE DEIN WISSEN
  • All forseeable risks and losses incurred up to the balance sheet date have to be taken into account; profits may only be taken into account if they have been realized on the balance sheet date.
Lösung ausblenden
TESTE DEIN WISSEN
Showcase the three sections of the SCF
Lösung anzeigen
TESTE DEIN WISSEN
  • Operating activities
    • How much cash from customers - cash we pay workers
  • Investing activities
    • Cash paidd for long - term assets and sales from long - term assets
  • Financing activities
    • Cash from issues of long - term debt or new capital less dividends
Lösung ausblenden
TESTE DEIN WISSEN
Name typical Non - Current Asset Accounts
Lösung anzeigen
TESTE DEIN WISSEN
  • Property, Plant and Equipment (PP&E)
  • Accumulated Depreciation
  • Intangible Assets
  • Goodwill
Lösung ausblenden
TESTE DEIN WISSEN
Evaluate Periodicity
Lösung anzeigen
TESTE DEIN WISSEN
  • Business operation is a continual process
  • Financial reporting cuts the process into arbitrary reporting periods

Business Operation leads to Revenue and Expense in Period One, then we continue with Period Two where new Expenses and Revenues appear. This is an continuous flow and everything needs to be reported
Lösung ausblenden
TESTE DEIN WISSEN
Evaluate "Establihing Corporate Goals and Strategies"
Lösung anzeigen
TESTE DEIN WISSEN
  • Goals - The end results toward which the firm firects its energies
  • Strategies - Means for achieving goals

In order to be successful, you need to have a goal an strategy
Lösung ausblenden
TESTE DEIN WISSEN
Give an overview of Business Activities from an Accounting Percpective
Lösung anzeigen
TESTE DEIN WISSEN
  • Establishing goals and strategies
  • Obtaining financing
  • Making investments
  • Conducting operations
Lösung ausblenden
TESTE DEIN WISSEN
What is Financial Accounting?
Lösung anzeigen
TESTE DEIN WISSEN
In making resource allocation decisions,
Investors and creditors need
  • Relevant and reliable information about
    • Financial position
    • Profitability
    • Risk

  • Financial reports are a key source of this information
  • The process of preparing financial reports is financial accounting; or more broadly, financial accounting

Lösung ausblenden
TESTE DEIN WISSEN
What is the role of financial accounting?
Lösung anzeigen
TESTE DEIN WISSEN
  • Analyzing, recording anf aggregating business transactions
  • Providing financial statements for external users
Lösung ausblenden
TESTE DEIN WISSEN
What is an AG?
Lösung anzeigen
TESTE DEIN WISSEN
Aktiengesellschaft
  • corporation with shares ownership
  • Founding capital of 50K Euros
Lösung ausblenden
TESTE DEIN WISSEN
What is the Statement of Shareholders' Equity?
Lösung anzeigen
TESTE DEIN WISSEN
Displays components of shareholders' equity and changes in these components
  • common shares, retained earnings
Lösung ausblenden
  • 101939 Karteikarten
  • 1532 Studierende
  • 31 Lernmaterialien

Beispielhafte Karteikarten für deinen ACC300 Financial Accounting Kurs an der Universität Mannheim - von Kommilitonen auf StudySmarter erstellt!

Q:
What is a business/firm?

A:
  • a brand
  • a profit seeking organization
  • an ownership structure
  • stock (US), shares (UK), traded in the market, wit hfinancial reports
  • a collection of contracts
  • a collection of resources
Q:
What is the Going concern (Konzern) assumption?
A:
  • A firm will remain operation long enough to carry out its plans
  • no threat of liquidation in the future
  • bbasic assumption for asset measurement
Q:
What is the Prudence Principle?
A:
  • All forseeable risks and losses incurred up to the balance sheet date have to be taken into account; profits may only be taken into account if they have been realized on the balance sheet date.
Q:
Showcase the three sections of the SCF
A:
  • Operating activities
    • How much cash from customers - cash we pay workers
  • Investing activities
    • Cash paidd for long - term assets and sales from long - term assets
  • Financing activities
    • Cash from issues of long - term debt or new capital less dividends
Q:
Name typical Non - Current Asset Accounts
A:
  • Property, Plant and Equipment (PP&E)
  • Accumulated Depreciation
  • Intangible Assets
  • Goodwill
Mehr Karteikarten anzeigen
Q:
Evaluate Periodicity
A:
  • Business operation is a continual process
  • Financial reporting cuts the process into arbitrary reporting periods

Business Operation leads to Revenue and Expense in Period One, then we continue with Period Two where new Expenses and Revenues appear. This is an continuous flow and everything needs to be reported
Q:
Evaluate "Establihing Corporate Goals and Strategies"
A:
  • Goals - The end results toward which the firm firects its energies
  • Strategies - Means for achieving goals

In order to be successful, you need to have a goal an strategy
Q:
Give an overview of Business Activities from an Accounting Percpective
A:
  • Establishing goals and strategies
  • Obtaining financing
  • Making investments
  • Conducting operations
Q:
What is Financial Accounting?
A:
In making resource allocation decisions,
Investors and creditors need
  • Relevant and reliable information about
    • Financial position
    • Profitability
    • Risk

  • Financial reports are a key source of this information
  • The process of preparing financial reports is financial accounting; or more broadly, financial accounting

Q:
What is the role of financial accounting?
A:
  • Analyzing, recording anf aggregating business transactions
  • Providing financial statements for external users
Q:
What is an AG?
A:
Aktiengesellschaft
  • corporation with shares ownership
  • Founding capital of 50K Euros
Q:
What is the Statement of Shareholders' Equity?
A:
Displays components of shareholders' equity and changes in these components
  • common shares, retained earnings
ACC300 Financial Accounting

Erstelle und finde Lernmaterialien auf StudySmarter.

Greife kostenlos auf tausende geteilte Karteikarten, Zusammenfassungen, Altklausuren und mehr zu.

Jetzt loslegen

Das sind die beliebtesten StudySmarter Kurse für deinen Studiengang ACC300 Financial Accounting an der Universität Mannheim

Für deinen Studiengang ACC300 Financial Accounting an der Universität Mannheim gibt es bereits viele Kurse, die von deinen Kommilitonen auf StudySmarter erstellt wurden. Karteikarten, Zusammenfassungen, Altklausuren, Übungsaufgaben und mehr warten auf dich!

Das sind die beliebtesten ACC300 Financial Accounting Kurse im gesamten StudySmarter Universum

Financial Accounting

Carl von Ossietzky Universität Oldenburg

Zum Kurs
Financial Accounting

TU München

Zum Kurs
Financial Accounting

TU München

Zum Kurs
Financial Accounting

Hochschule RheinMain

Zum Kurs

Die all-in-one Lernapp für Studierende

Greife auf Millionen geteilter Lernmaterialien der StudySmarter Community zu
Kostenlos anmelden ACC300 Financial Accounting
Erstelle Karteikarten und Zusammenfassungen mit den StudySmarter Tools
Kostenlos loslegen ACC300 Financial Accounting