Principles of Accounting
Provide a uniform basis for preparing financial statements
Generally Accepted Accounting Principles (GAAP)
This branch of accounting prepares the independent review of a firm's financial statement
What is Auditing
Liabilities + Owners' Equity
Assets
Business owned by single person
Sole Proprietorship
conflicts of interest is an example of
Common element of code of ethics
the transaction cost or price that establishes the accounting value
Cost Principle
The chief purpose of this branch of accounting is to assist operations personnel in controlling operations
What is Cost Accounting
Assets
Responsible for the debts of the partnership
General Partner
Result of failure to abide by code of ethics
Termination
Another term for defining the continuity of buisiness
Going Concern Principle
The nature of this branch of accounting is historical
What is Financial Accounting
The preparation of a post-closing trial balance
The final step in the accounting cycle
Favorable tax treatment under the Internal Revenue Code
S corporation
1. The impact of of ethics on accounting
2. The marriage of theory and practice
Under what system are revenues recognized when cash is received
Cash Accounting System
Reports prepared by this form branch of accounting should greatly assist management in making future decisions
What is Managerial Accounting
Starts with recording transactions and ending with a post-closing trial balance
Accounting cycle
relatively new form of business organization now available in a majority of U.S. states
Limited Liability Company
Wrote the book Ethics in Hospitality Management
Stephen S. J. Hall
Two days of rooms revenue are recorded in December and two days of rooms revenue are recorded in January is an example of
Accrual Bases Accounting
In this branch of accounting, some members are likely to be systems analysis
Accounting systems
Equity accounts not closed at the end of an accounting period.
Permanent Owner's Equity
The four forms of business organizations
Sole Proprietorship, Partnership, Corporation, and the Limited Liability Company
Is the decision Lead?
Is the decision fair?
Am I willing to publicize my decision?
Examples of of questions that can be asked to make appropriate decisions