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accounting information system

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Published in: Business, Economy & Finance

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  • 1. Potential usefulness Future usefulness Economic Value Going-concern concept Objectivity principle Stable dollar concept
  • 2. climes against the total assets of an organization Claims of no owners Owner's Equity Claims of owners
  • 3. Cumulative total of net income, net loss, and dividends since start of business
  • 4. Inflows of assets that result from performing services or selling goods the service is performed or the goods are delivered
  • 5. Outflows of assets or incurrence of liabilities while earning revenues A business incurs expenses to earn revenues
  • 6. Things of Value = Claims Assets = Equities Assets = Liabilities + Owner's Equity Assets - Liabilities = Net Assets
  • 7. Use accounting equation Is there a change in assets? How much was the change? Is there another change in assets? Is there a change in liabilities? How much was the change? Is there another change in liabilities? Is there a change in owners’ equity? How much was the change?
  • 8. 1) 2) 3) 4) Income Statement Statement of Owners’ Equity Classified Balance Sheet Statement of Cash Flows
  • 9. Reports changes in owners’ equity from operating activities
  • 10. Changes in owners’ interest in assets Issuances of new stock Net income or loss Dividends
  • 11. Classification - arrangement of financial statement items into groupings that have common basis Current Property, plant, and equipment
  • 12. Current Long-tern Common stock Retained earnings
  • 13. Reports cash flows during period Operating activities Investing activities Financing activities
  • 14. Are total assets higher or lower? What is percent change in total assets? Is the percent of total liabilities to total liabilities plus owner’s equity increasing or decreasing?
  • 15. Are revenues higher or lower? What is the percentage change in total revenues? Is the percentage of total expenses to total revenues increasing or decreasing?
  • 16. Is the business operating efficiently by using the least amount of asset investment to generate a given level of total revenues? Total revenues divided by Average total assets