Test 1 ACCT

Last update by mayurcooled on 04/21/2014
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Accounting Information System

Answer:
Keeps track of the results of each business activity (financing, investing, operating)

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    1. Borrowing Money
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    Liabilities
    (When borrowing money) the amounts owed
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    Creditors
    (When borrowing money) party to whom amount is owed
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    2 types of liabilities
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    Payments to stockholders
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    Investing Activities
    Purchase of resources a company needs to operate (Computers, delivery trucks, furniture, buildings, etc.)
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    Assets
    Resources owned by a business
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    Operating Activities
    Once a business has the assets it needs, it can begin its operations
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    Revenues (Operating Activity)
    Amounts earned from the sale of products (Sales revenue, service revenue, and interest revenue)
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    Inventory (Operating Activity)
    Goods available for sale to customers
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    Accounts Receivable (Operating Activity)
    Right to receive money from a customer, in the future, as the result of a sale
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Test 1 ACCT
Test 1 ACCT
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