Acct 284 CH 1January 19th Worksheet1.) What is Accounting?It is a system that collects and processes financial information about and organization and reports that information to decision makers.2.) Fill in the Blanks and give examples of internal/external users 3.) List the four Financial Statements in the order an organization normally puts them together.Income Statement Balance Sheet Statement of RE Statement of Cash Flow4.) Below is a List of multiple accounts. Next to each one label them one of the following: IS(income statement), BS (Balance Sheet), SRE( Statement of Retained Earnings), or SCF ( Statement of CashFlow).- Sales Revenue IS- Cash BS- Accounts Payable BS- Contributed Capital BS- Insurance Expense IS- Retained Earnings BS- Notes Payable BS- Dividends SRE- Cash collected from customers SCF- Wages Expense ISManagerialAccountingFinancialAccountingAccountingSystemInternal Users-Managers-Supervisors-Other employeesExternal Users-Creditors-Investors-Acct 284 CH 1January 19th Worksheet5.) What is Stockholder Equity made up of?Retained Earnings and Contributed Capital6.) Fill out the “Explanation” part of each ofthe statements. Income Statement Balance Sheet Company NameIncome StatementFor the Year Ended December 31, 2009Revenues+Expenses=Net IncomeCompany NameBalance SheetAs of December 31, 2009Assets=Liabilities+Stockholder
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