MGMT 100 Study Guide - Final Guide: Cash Flow Statement, Retained Earnings, Promissory Note
Document Summary
The recording, classifying, summarizing, and interpreting of financial events to provide management and other interested parties the financial information they need to make good decisions. accounting cycle. A six step procedure that results in the preparation and analysis of the major financial statements. accounts. Different types of assets, liabilities, and owner"s" equity accounts payable. Current liabilities are bills a company owes to others for merchandise or services purchased on credit but not yet paid for. amortization. The systematic write-off of the cost of a tangible asset over its estimated useful life. annual report. A yearly statement of the financial condition, progress, and expectations of an organization. assets. Economic resources (things of value) owned by a firm. balance sheet. The financial statement that reports a firm"s financial condition at a specific time and is composed of three major types of accounts: assets, liabilities, and owners" equity. bonds payable.
