MGT100 - Accounting

Front

process of systematically collecting, analyzing, and reporting financial information.

Back

accounting

Front

accepted set of guidelines and practices for reporting financial information

Back

GAAP

Front

provides managers and employees with info needed to make decisions about a firm's financial activities

Back

managerial accounting

Front

generates financial statements and reports for interested people outside the organization

Back

financial accounting

Front

Accounting Equation is

Back

Assets = Liabilities + Owners Equity

Front

Anything of value that is owned by a business/individual

Back

asset

Front

debt or creditor's claims to assets

Back

liability

Front

Which is an example of a current asset? Options: land, vehicle, house, cash

Back

cash

Front

ease with which an asset is turned to cash.

Back

liquidity

Front

portion of business' profits not distributed to stockholders

Back

retained earnings