MGMT 301 Chapter 1

accounting

managerial accounting reports

financial statements

creditors

banks

suppliers

shareholders

the basic accounting equation

separate entity assumption

account payable

note payable

wages payable

taxes payable

asset

liability

shareholder's equity

net income

contributed capital

retained earnings

dividends

financial statements

income statement

unit of measure assumption

accounts

statement of retained earnings

balance sheet

any account name containing receivable is an...

any account name containing payable is a...

statement of cash flows

generally accepted accounting principles (GAAP)

International Financial Reporting Standards (IFRS)

publicly accountable profit-oriented enterprises

private enterprise

Accounting Standards for Private Enterprises (ASPE)

Canadian Auditing Standards (CAS)

Sarbanes-Oxley Act (SOX)