ADMS 1500 Study Guide - Midterm Guide: Cash Flow Statement, Financial Accounting, Financial Statement

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Integrating & evaluating: financial accounting (for external users); All organizations provide general-purpose financial statements to external users: Income statement (revenues, expenses and profits for a year) Balance sheet (assets, liabilities and equity at the end of the year) Statement of owners" equity (cid:523)changes in owners" equity(cid:524) Characteristics of accounting information (concepts based on fasb): Relevant: to be relevant, information must be able to influence a decision or a belief. Implies: predictive value, confirmatory value, material, entity specific (relates directly to the organization in question) Faithful representation: complete, neutral and, free from error. Accounting equation: assets = l)ab)l)t)es + owners" equ)ty. Details of operations for benefit of shareholders over the period. Stock/comprehensive where does the company stand financially at end of period. How much of shareholders" claim was distributed to them in the period. In what ways and why did the balance sheet change over the period.

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