ACC300 Financial Accounting an der Universität Mannheim | Karteikarten & Zusammenfassungen

Lernmaterialien für ACC300 Financial Accounting an der Universität Mannheim

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TESTE DEIN WISSEN
What is a business/firm?

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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
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TESTE DEIN WISSEN
What is a GmbH?
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TESTE DEIN WISSEN
Gesellschaft mit beschränkter Haftung
  • company with limited liability
  • owners of the entity are not personally liable for the company's debts
  • the most common corporation form in Germany
  • a type of legal entitiy
  • Founding Capital of 25K Euros
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TESTE DEIN WISSEN
What are Assets?
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TESTE DEIN WISSEN
  • Economic resources with the potential to provide future economic benefits to a firm
    • Cash, Accounts Receivable, Inventories, Buildings

  • Current Asset - Assets that a firm expects to turn into cash, sell or consume within one year
  • Non - current Assets - Assets that will be used for several years
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TESTE DEIN WISSEN
What is the role of financial accounting?
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TESTE DEIN WISSEN
  • Analyzing, recording anf aggregating business transactions
  • Providing financial statements for external users
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TESTE DEIN WISSEN
Evaluate "Operations"
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TESTE DEIN WISSEN
Using the productive capacity to generate earnings
  • Operting activities
    • Purchasing
    • Production
    • Marketing
    • Administration
    • Research and development
Lösung ausblenden
TESTE DEIN WISSEN
What is an AG?
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TESTE DEIN WISSEN
Aktiengesellschaft
  • corporation with shares ownership
  • Founding capital of 50K Euros
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TESTE DEIN WISSEN
Evaluate "Establihing Corporate Goals and Strategies"
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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
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TESTE DEIN WISSEN
  • Establishing goals and strategies
  • Obtaining financing
  • Making investments
  • Conducting operations
Lösung ausblenden
TESTE DEIN WISSEN
Evaluate "Obtaining Financing"
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TESTE DEIN WISSEN
Financing comes from two sources
  • Ownes / Shareholders (Equity)
    • For a corporation, ownership interests are shares of common stock and shareholders
  • Creditors (Creditors)
    • Creditors provide funds that the firm must repay in specific amounts at specific dates
      • Long - term creditors
      • Short - term creditors

Lösung ausblenden
TESTE DEIN WISSEN
What is Financial Accounting?
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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
Accounting Standards 
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TESTE DEIN WISSEN
IRFS = International Financial Reporting Standards
Information about the company's financial situation

Determination of profit distibutable to shareholders
GAAP, Handelsgesetzbuch

Determination of tax payments
Tax GAAP, Einkommensteuergesetz

  • Large companies are obliged to present three different sets of accounts
  • Thus, company might report three different profits
Lösung ausblenden
TESTE DEIN WISSEN
What is Shareholders' Equity?
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TESTE DEIN WISSEN
  • Funds owners (shareholders) provided
    • Amount of funds owners have provided either by buying shares or by reinvesting (retaining) the net assets generated by earnings
    • Typical equity accounts

  • Common Stock, Contributed Capital, Retained Earnings
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  • 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 a GmbH?
A:
Gesellschaft mit beschränkter Haftung
  • company with limited liability
  • owners of the entity are not personally liable for the company's debts
  • the most common corporation form in Germany
  • a type of legal entitiy
  • Founding Capital of 25K Euros
Q:
What are Assets?
A:
  • Economic resources with the potential to provide future economic benefits to a firm
    • Cash, Accounts Receivable, Inventories, Buildings

  • Current Asset - Assets that a firm expects to turn into cash, sell or consume within one year
  • Non - current Assets - Assets that will be used for several years
Q:
What is the role of financial accounting?
A:
  • Analyzing, recording anf aggregating business transactions
  • Providing financial statements for external users
Q:
Evaluate "Operations"
A:
Using the productive capacity to generate earnings
  • Operting activities
    • Purchasing
    • Production
    • Marketing
    • Administration
    • Research and development
Mehr Karteikarten anzeigen
Q:
What is an AG?
A:
Aktiengesellschaft
  • corporation with shares ownership
  • Founding capital of 50K Euros
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:
Evaluate "Obtaining Financing"
A:
Financing comes from two sources
  • Ownes / Shareholders (Equity)
    • For a corporation, ownership interests are shares of common stock and shareholders
  • Creditors (Creditors)
    • Creditors provide funds that the firm must repay in specific amounts at specific dates
      • Long - term creditors
      • Short - term creditors

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:
Accounting Standards 
A:
IRFS = International Financial Reporting Standards
Information about the company's financial situation

Determination of profit distibutable to shareholders
GAAP, Handelsgesetzbuch

Determination of tax payments
Tax GAAP, Einkommensteuergesetz

  • Large companies are obliged to present three different sets of accounts
  • Thus, company might report three different profits
Q:
What is Shareholders' Equity?
A:
  • Funds owners (shareholders) provided
    • Amount of funds owners have provided either by buying shares or by reinvesting (retaining) the net assets generated by earnings
    • Typical equity accounts

  • Common Stock, Contributed Capital, Retained Earnings
ACC300 Financial Accounting

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