accounting1

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notes to the financial statement

The element of a corporation's annual report that describes the corporation's accounting methods is the

marketing managers

Trying to determine whether a marketing proposal will be cost effective.

creditors

Trying to determine whether the company can pay its obligations.

internal revenue service

Trying to determine whether the company complied with tax laws.

chief financial officer

Trying to determine whether the company should employ debt or equity financing.

investors in common stock

Trying to determine whether the company's net income will result in a stock price increase.

corporation

easier to transfer owndership, easier to raise funds, no personal liability, Easier to transfer ownership and raise funds, no personal liability.

present creditors

external

taxing authorities

external

regularatory authorities

external users

cost of goods sold

income statement

income tax expense

income statement

interest expense

income statement

net sales

income statement

management

internal

income taxes payable

liabilities

other liabilities

liabilities

accounts payable

liability

notes payable

liability

balance sheet

presents info at a specific point in time, reports assets, liabilites, and stockholder equity

partnerships and sole propierities

reduced legal liability for investors

investing section

section of a cash flow statement indicates the cash spent on new equipment during the past accounting period

partnership

simple to estable, shared control, croader skills and resources, tax advantages, Shared control, tax advantages, increased skills and resources.

sole proprietorship

simple to establish, owner controlled, tax advantages, Simple to set up and maintains control with founder

common stock

stockholders equity

retained earnings

stockholders equity

SOX 2002

top management must certify accuracy of financial information, severe penalites for fraud, increased the independence of outside auditors, increased oversight rold of BOD

accoutns receivable

asset

cash

asset

inventories

assets

other assets

assets

property, plant, equipment

assets

basic accounting equation

assets=liabilities + stock holders equity

inventories

balance sheet

accounts payable

balance sheets

common stock

balance sheets

property, plant, equipment

balance sheets

receivables

balance sheets

retained earnings

balance sheets


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