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    Comm1140 WK 1

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    jenny kim
    Financial performance observes profits generated over time from operations. Financial position observes financial resources and obligations at a point in time. Managers use accounting information to determine if a business is meeting its financial goals and supporting growth. Employees support managers and are motivated by compensation linked to business success. Accrual accounting recognizes revenues and expenses when incurred rather than when cash is paid or received. A business earned $60,000 revenue and had $40,000 expenses including interest, depreciation, and other costs for a $31,600 profit.

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    Comm1140 WK 1

    Uploaded by

    jenny kim
    55 views2 pages
    Financial performance observes profits generated over time from operations. Financial position observes financial resources and obligations at a point in time. Managers use accounting information to determine if a business is meeting its financial goals and supporting growth. Employees support managers and are motivated by compensation linked to business success. Accrual accounting recognizes revenues and expenses when incurred rather than when cash is paid or received. A business earned $60,000 revenue and had $40,000 expenses including interest, depreciation, and other costs for a $31,600 profit.

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    comm1140 wk 1

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    Financial performance observes profits generated over time from operations. Financial position observes financial resources and obligations at a point in time. Managers use accounting information to determine if a business is meeting its financial goals and supporting growth. Employees support managers and are motivated by compensation linked to business success. Accrual accounting recognizes revenues and expenses when incurred rather than when cash is paid or received. A business earned $60,000 revenue and had $40,000 expenses including interest, depreciation, and other costs for a $31,600 profit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    55 views2 pages

    Comm1140 WK 1

    Uploaded by

    jenny kim
    Financial performance observes profits generated over time from operations. Financial position observes financial resources and obligations at a point in time. Managers use accounting information to determine if a business is meeting its financial goals and supporting growth. Employees support managers and are motivated by compensation linked to business success. Accrual accounting recognizes revenues and expenses when incurred rather than when cash is paid or received. A business earned $60,000 revenue and had $40,000 expenses including interest, depreciation, and other costs for a $31,600 profit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Tutorial Questions

    DQ1.2
    Financial performance observes the production of new resources from operations over
    a set period of time. Financial position observes the set of financial resources and
    obligations of entities at a certain point in time.

    DQ1.6
    Owner- evaluates success of their business

    User- usage of the accounting information

    Manager- will determine whether the functionality and efficiency of businesses in


    regards to their financial goals, and acts as a fundamental basis for growth and
    development of businesses.

    Employees- will act as a support for the managers; will work to provide the best service
    as it has a strong correlation to their wage

    DQ1.11
    Accrual accounting recognises the impact of transactions on the financial statements in
    the time periods when revenues and expenses occur, rather than when cash
    transactions occur as for cash accounting

    P1.4
    Revenue- 60000
    Expenses
    → 40,000*0.05=2000
    → 12000+2400=14400
    → 8000/4=2000
    → 10000
    Overall profit: $31600

    1.7
    1) 100000+200000=300000
    2) 60000+ 10000-5000=65000
    3) 300000-65000=235000

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