Summary: Business Economics 1 For Eco: Accounting
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Read the summary and the most important questions on Business Economics 1 for ECO: Accounting
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Chapter 1
This is a preview. There are 51 more flashcards available for chapter 27/09/2016
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How do creditors make money?
By charging interest on the money they lend. -
How do stockholders earn money?
1. By earning dividend from the company.
2. By eventually selling their share of the company at a higher price than they paid in the first place. -
When are creditors willing to lend money to the company?
When they expect the company to do well in the future. -
How do stockholders and creditors judge future performances?
They use information in the company's financial statements. -
What kind of information do internal decision makers need?
Information about the company's business activities to manage the operating, investing, and financing activities of the firm. -
What kind of information do external decision makers need?
Information about these same business activities to assess whether the company will be able to pay back its debts with interest and pay dividends. -
What is an accounting system?
A system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. -
What are the four basic financial statements?
Balance Sheet
Income Statement
Statement of Stockholders' Equity
Statement of Cash Flows -
The heading of a balance sheets consists of:
1. Name of the entity
2. Title of the statement (balance sheet)
3. Specific date of the statement
4. Unit of measure (in millions of dollars) -
What is an accounting entity?
The organization for which financial data are to be collected.
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