BUSI 101 Study Guide - Midterm Guide: Luca Pacioli, Double-Entry Bookkeeping System, Pricewaterhousecoopers

• School: UNC
• Department: Business Administration
• Course: BUSI 101
• Professor: Skender C.J.

Document Summary

The father of double entry bookkeeping is luca pacioli. Financial accounting conveyance of financial information to external parties so they. The big four firms: deloitte, ernst and young, pricewaterhousecoopers, kpmg. Fasb (financial accounting standards board) is the group that primarily can make good decisions determines how accounting is practiced in the us. Balance sheet covers a point in time rather than a period of time: gaap: generally accepted accounting principles. Rules based: balance sheet: assets, liabilities, owner"s equity [real or permanent, a = l + oe, controlled capital + retained earnings = accumulated net income, ex: prepaid insurance, allowance for uncollectibles, liabilities: payable, assets: receivable. Income statement: revenues, expenses [nominal or temporary, net income = r e, ex: interest revenue, revenue: interest, rent, dues, gain. Occur by increase in assets and decrease in liabilities: expense: cost of goods sold, depreciation, loss. Occur by increase in liabilities and decrease in assets.