Syllabus
What percent of your grade is your homework?
17%
The Fourteen (13) Homework Assignment with exercises and problems are worth 20 points each and are not timed.
What is Financial Accounting Made for?
External and Internal Decision Makers.
What is a business entity?
A business entity is an organization that operates as a separate unit for accounting purposes.
A business is
an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.
What is strictly not allowed for your exams? Mention 2
-Programmable calculators.
-Cell Phones
-Any digital support material
What is Managerial Accounting Made of ?
Internal Decision Makers
Give three (3) examples of business entities
Examples of business entities include:
Ethics are
moral principles that guide the conduct of individuals.
How many unit exams are in the course?
3
There are three (3) unit exams.
The unit exams contain multiple-choice questions andfill-in-the-blank problems.
Name three groups who might be interested in a business’s financial accounting information.
-Investors
-Creditors (lenders)
-Government Authorities
Within the U.S., who has the primary responsibility for developing accounting standards?
the Financial Accounting Standards Board (FASB)
What is an audit?
-an examination of a company's financial statements and records.
How many points is the Final Exam worth?
200
The Comprehensive Final Exam covers Chapters 1-14 and it is worth 200 total points.
Financial reports must possess two (2) important characteristics. These are:________________ and ________________
1) Relevance
and
2) Faithful representation.
What is SEC?
What does the acronym stand for?
-oversees the U.S. financial markets
-Securities and Exchange Comminssion
Three types of businesses operating for profit
−Service businesses
−Merchandising businesses
−Manufacturing businesses
What is your Professor's Full Name?
Prof. Gilberto Zeledon Chaves
What is the importance of Accounting?
(name two)
-measures business activities
-process the information into reports
-communicates the results to decision makers
What does GAAP stand for?
What is GAAP? Explain.
-Generally Accepted Accounting Principles
-GAAP consists of accounting guidelines. It is composed of usueful accounting information that must be relevant, allowing users to make a decision. It must also have faithful representation by being complete, neutral, and free from error.
What other principles besides the economic entity assumption, are a part of GAAP?
(hint: there's 3)
-Time Period Assumption
-Going Concern Assumption
-Monetary Unit Assumption