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Summary: Financial Management 1
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Read the summary and the most important questions on Financial Management 1
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1 Week 1.1
This is a preview. There are 9 more flashcards available for chapter 1
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Which accounting activities are involved in Managerial accounting?
Involves accounting activities to support management decisions and control inside an organization -
What are the 4 principles of GAAP and IFRS?
- Measurement principle
- Cost principle
- Revenue recognition principle
- Expense recognition principle
- Measurement principle
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What are the amounts recorded at their original price in the Measurement Principle?
- Objective
Verifiable
- Objective
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How are transactions recorded in the Cost Principle?
At their original price -
What does the expense recognition tell us about generating revenue?
It tells us that we have to record something as an expense in the period it is used. -
What does the accounting function intel?
It provides information about the economic activities and condition of a business -
What are the two things that the financial statements tells us about a business?
- If the
business isgenerating asufficient return - If the
business can pay its debts
- If the
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What are the two definitions of business?
- The activity of making one's living
- Making money by producing or buying and selling goods and services
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What services does a service business provide?
- Transportation
- Legal services
- Entertainment
- Transportation
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By how many individuals is a proprietorship owned
One
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