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\author{Thu (thuhuong)}
\pdfinfo{
  /Title (accounting-principles-and-business-transactions.pdf)
  /Creator (Cheatography)
  /Author (Thu (thuhuong))
  /Subject (Accounting Principles and Business Transactions Cheat Sheet)
}

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\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{C}
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Accounting Principles and Business Transactions Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Thu (thuhuong)} via \textcolor{DarkBackground}{\uline{cheatography.com/528/cs/227/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}Thu (thuhuong) \\
  \uline{cheatography.com/thuhuong} \\
  \end{tabulary}
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 31st January, 2012.\\
   Updated 12th May, 2016.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Accounting Principles}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Generally Accepted Accounting Principles}} (GAAP) allow investors and other users to compare one company to another.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Financial Accounting Standards Board}} (FASB) has the primary responsibility for developing accounting principles and publishes {\emph{Statements of Financial Accounting}} and {\emph{Interpretations}} of these standards.} \tn 
% Row Count 8 (+ 5)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{The {\bf{Securities Exchange Commission}} (SEC), a US government agency, has authority over accounting and financial information for companies whose shares of stock are traded and sold to the public.} \tn 
% Row Count 12 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{SEC follows the FASB guidelines but may issue }}Staff of Accounting Bulletins{\emph{ to address accounting matters FASB did not include.}}} \tn 
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% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{International Accounting Standards Board}} issues {\emph{International Financial Reporting Standards}} (IFRS) which is different from the FASB.} \tn 
% Row Count 18 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{They're working together to develop a set of worldwide accounting principles to facilitate investment and business in a global economy.}}} \tn 
% Row Count 21 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Accounting Equation}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Assets}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Resources owned by a business:} \tn 
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% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- cash} \tn 
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% Row 3
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\mymulticolumn{1}{x{5.377cm}}{- land} \tn 
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% Row 4
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\mymulticolumn{1}{x{5.377cm}}{- buildings} \tn 
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% Row 5
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\mymulticolumn{1}{x{5.377cm}}{- equipment} \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Rights are divided into 2 types:} \tn 
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% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- rights of the creditors (liabilities)} \tn 
% Row Count 8 (+ 1)
% Row 8
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\mymulticolumn{1}{x{5.377cm}}{- rights of the owners (owner's equity)} \tn 
% Row Count 9 (+ 1)
% Row 9
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\mymulticolumn{1}{x{5.377cm}}{{\emph{Accounting equation showing the relationship among all 3 variables:}}} \tn 
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% Row 10
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Asset = Liability + Owner's Equity}}} \tn 
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% Row 11
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\mymulticolumn{1}{x{5.377cm}}{Liabilities are shown before owner's equity because creditors have first rights to the assets.} \tn 
% Row Count 14 (+ 2)
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Accounting Concepts}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{{\bf{BUSINESS ENTITY CONCEPT}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Shows the economic data in an accounting system directly related to the business ONLY and does not include personal activities, properties and debts by the owner.} \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{A business entity can take the form of a proprietorship, partnership, corporation or limitedliability company (LLC).}}} \tn 
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% Row 3
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Proprietorship}}} \tn 
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% Row 4
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\mymulticolumn{1}{x{5.377cm}}{- own by one individual} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- easy and cheap to organize} \tn 
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% Row 6
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\mymulticolumn{1}{x{5.377cm}}{- resources are limited to owner} \tn 
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% Row 7
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\mymulticolumn{1}{x{5.377cm}}{- used by small businesses} \tn 
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% Row 8
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Partnership}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- own by two or more individuals} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- combined skills and resources} \tn 
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Corporation}}} \tn 
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% Row 12
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\mymulticolumn{1}{x{5.377cm}}{- a separated legal tax entity} \tn 
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% Row 13
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\mymulticolumn{1}{x{5.377cm}}{- generates 90\% of business revenues} \tn 
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% Row 14
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\mymulticolumn{1}{x{5.377cm}}{- ownership divided into shares (stock)} \tn 
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% Row 15
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\mymulticolumn{1}{x{5.377cm}}{- obtain resources by issuing stock} \tn 
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% Row 16
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\mymulticolumn{1}{x{5.377cm}}{- used by large businesses} \tn 
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% Row 17
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Limited liability company (LLC)}}} \tn 
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% Row 18
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\mymulticolumn{1}{x{5.377cm}}{- combines partnership \& corporation} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- used as alternative to partnership} \tn 
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% Row 20
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\mymulticolumn{1}{x{5.377cm}}{- tax and legal liability advantages} \tn 
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% Row 21
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\mymulticolumn{1}{x{5.377cm}}{{\bf{COST CONCEPT}}} \tn 
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% Row 22
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\mymulticolumn{1}{x{5.377cm}}{Amounts are recorded in accounting records at their cost or purchase price.} \tn 
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% Row 23
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\mymulticolumn{1}{x{5.377cm}}{{\emph{The cost concept includes the objectivity and unit of measure concepts}}.} \tn 
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\vfill
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Accounting Concepts (cont)}}  \tn
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\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{objectivity concept}} requires the amount be based upon objective evidence where the final agreed upon amount has been established.} \tn 
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% Row 25
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\mymulticolumn{1}{x{5.377cm}}{{\emph{Revisions upward/downward on offers, appraisals and opinions can make the accounting report unstable or unreliable}}.} \tn 
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% Row 26
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{unit of measure concept}} requires the economic data be recorded in dollars.} \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Business Transactions}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Business transactions}} are defined as an economic event or condition that DIRECTLY changes an entity's financial condition or even it's operations.} \tn 
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% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Changes in business credit rating does not directly affect cash or any other asset, liability or owner's equity amount.}}} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{All business transactions can be stated in terms of changes in the elements of the accounting equation.} \tn 
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% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Summary of Transactions}}} \tn 
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% Row 4
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\mymulticolumn{1}{x{5.377cm}}{- effect is either an increase (+) or decrease (-) in the equation elements} \tn 
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% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- the two sides are always equal} \tn 
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% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- stockholder's equity is increased (+) by amounts invested by stockholders} \tn 
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% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- stockholder's equity is increased (+) by {\emph{revenues}} and decreased (-) by expenses} \tn 
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% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- stockholder's equity is decreased (-) by {\emph{dividends}} paid to stockholders} \tn 
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% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Stockholder's Equity}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- Capital Stock} \tn 
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% Row 11
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\mymulticolumn{1}{x{5.377cm}}{- Retained Earnings} \tn 
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% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Capital stock}} is shares of ownership distributed to investors of corporations.} \tn 
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% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Retained earnings}} is the stockholder's equity created from business operations through revenue and expense transactions.} \tn 
% Row Count 27 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Both transactions are reported separately from each other}}} \tn 
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% Row 15
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\mymulticolumn{1}{x{5.377cm}}{} \tn 
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% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Also see the {\emph{Nature and Business of Accounting}} for use in conjunction with this sheet \seqsplit{http://www.cheatography.com/thuhuong/cheat-sheets/nature-of-business-and-accounting/.}} \tn 
% Row Count 33 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

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