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Day 7 .........2/4

Day 7 .........2/4. List 2 characteristics of Time?. Free Valuable Equally Distributed. What is Accounting? process of keeping financial records What Accounting have you done recently? saving, deposits, collections. Businesses use accounting to keep track of:

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Day 7 .........2/4

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  1. Day 7.........2/4 List 2 characteristics of Time? Free Valuable Equally Distributed
  2. What is Accounting? process of keeping financial records What Accounting have you done recently? saving, deposits, collections
  3. Businesses use accounting to keep track of: assets, liabilities, payables, receivables Why is this important?
  4. Tracking business performance in general, shows how business is doing specifically what information is provided? II. Planning for the future
  5. Who are the primary users of Accounting Info? Within a Business? Outside a Business?
  6. Day 8…………….2/5 Outside of a business, what 3 main groups use a companies accounting information? Creditors (loans, payments) Investors (stock, good return, dividends) Government (taxes, economic records, compliance)
  7. Accounting - the process of keeping financial records Purpose of Accounting – Financial control of a business Healthcare & Accounting
  8. How do doctors determine health in U.S.? How do doctors determine health in Canada? Sochi, Russia? Standards: GAAP – US IFRS - global
  9. How do businesses determine financial health? Accounting records A. Accounting System Everyone has to follow same method or procedure – Understand & Interpret Accurate & Current
  10. B. Meet needs/requirements Not every physician fills your needs Tony’s Ice Cream & BP C. Should fill certain requirements…
  11. C. Should fill certain requirements Easy to use Process data quickly (current data) Expandable Affordable to operate (simple software, accountant) Protection (theft, fraud, ‘limit’ notices)
  12. Accounting Cycle - Series of steps to maintain effect financial records. Analyze transactions (source document & what it effects) Journalizing (in the order in which they occur) Cash Accounting – when money changes hands Accrual Accounting - when transaction occurs
  13. Accounting Cycle Posting to ledgers (specific department) Balancing books - to check accuracy Steps 1-4 are aspects of Bookkeeping Done on a daily basis Prepare financial statements summarize, easy to understand standards…?
  14. Accounting Cycle Statements Balance Sheet (snapshot; A, L, OE) Income Statement (profit/loss) Cash Flow Statement (plan ahead) Close books Accounting cycle process start again…..
  15. END
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