Using Accounting Information

Ruth Wong
Mind Map by Ruth Wong, updated more than 1 year ago
Ruth Wong
Created by Ruth Wong about 4 years ago
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Degree Business Mind Map on Using Accounting Information, created by Ruth Wong on 03/24/2016.
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Using Accounting Information
1 Why AI is important?
1.1 Audit
1.1.1 Generally accepted accounting principles (GAAPs)
1.1.2 FASB
1.2 Sarbanes-Oxley Act of 2002
1.3 Who?
1.3.1 Managers
1.3.2 Lenders, suppliers, stockholders, potential investors and government agencies are other users
2 Types of Accounting
2.1 Managerial accounting
2.2 Financial accounting
3 Careers in Accounting
3.1 Private Accountant
3.2 Public Accountant
3.3 Certified Public Accountant (CPA)
3.4 Certified Management Accountant (CMA)
4 Accounting Process
4.1 Assets = Liabilities + Owners’ equity
4.2 Double-entry bookkeeping system
4.3 accounting cycle
4.3.1 Analyzing source documents
4.3.2 Recording transactions as they occur in the general journal
4.3.3 Posting transactions to accounts in the general ledger
4.3.4 Preparing the trial balance
4.3.5 Preparing financial statements
5 Balance Sheet
5.1 Assets
5.1.1 Fixed Assets
5.1.2 Intangible asset
5.2 Liabilities
5.2.1 Current liabilities
5.2.2 Long-term liabilities
5.3 Owners’ or stockholders’ equity
5.3.1 For sole proprietorships
5.3.1.1 Assets – liabilities
5.3.2 For partnerships
5.3.2.1 partner’s share of ownership is reported separately
5.3.3 For corporations
5.3.4 Retained earnings
6 Income Statement
6.1 summary of a firm’s revenues and expenses
6.2 Gross profit = A firm’s net sales less the cost of goods sold
6.3 Cost of goods sold
6.4 Operating expenses
6.5 Net income/loss
7 Statement of Cash Flows
7.1 how the operating, investing, and financing activities of a company affect cash
8 Comparing Data with Other Firms’ Data
8.1 Financial Ratio
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