Accounting

1.      Describe the similarities and differences between the two categories (Financial & Managerial Accounting) and provide examples of the users of each type of data that are the result of the work in each category.

2.      Describe the four major types of internal management decisions that utilize management accounting information.

3.      Identify each of the six organizations that are influential in the establishment of GAAP and discuss their role.

4.      Identify and describe the three basic forms of business organization. Include the advantages and disadvantages of all three.

5.      Identify the primary objectives of every business. What are the four basic financial statements that measure the primary objectives of every business? Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement.

6. Describe the difference between an asset, liability, and equity on a company's balance sheet.

PART 2: Income Statement

Complete the income statement for the following transactions for June 2010 disclosed.

Fill in the yellow cells as appropriate.

Income Statement

Prepare the Income Statement

Revenues:

Total Revenue

Expenses:

Total Expenses

Net Income

Retained Earnings

Retained Earnings - June 1

Add: Net income

Total

Less: Dividends

Reatined Earnings - End

Assets

Total Assets

Liabilities and Equities

Stockholder's Equity

Total Liab. & Eq.