Accounting Introduction

May 19th, 2015
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Wayne State University
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Foundational accounting principles that we should know . o Accounting is a way of organizing financial information (reporting entity’s financial condition and performance in a way that’s easy to understand how the company is doing) telling a story about the entity if you were to observe them

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Accounting IntroductionFoundational accounting principles that we should know Exam: in class, 15 questions, MC, pass/fail. Half of questions are problem based, and half are concepts and principles. Basic math for the problem based questions. OPEN BOOK, OPEN NOTE, OPEN LAPTOP (MC will be on the laptop) no accounting on the final exam. Calculators are allowed. Accounting is a way of organizing financial information (reporting entitys financial condition and performance in a way thats easy to understand how the company is doing) telling a story about the entity if you were to observe them. Finance is separate study of how people allocate scarce resources over time and in the presence of uncertainty. Cost of financial decisions spread out over time. Because they are spread out over time, they involve uncertainty. Finance comes down to manipulation of the basic concept of the time value of moneyTime Value of Money Intertemporal how to compare the value of money that comes in at a different time. Accounting Problem 1 Why not take the 10 million right away why take the 6 million right away? Money in the future is worth less than now. Present money is worth more than future money. Why take the money right now? Because it has more utility and you can do more with it. Money now is worth more than money laterRisk that you might not get your money later on. Whats the present value of 10 million dollars right now? OR what is the future value of the

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